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  • Exclusive: Apollo in talks for AlShaya Starbucks franchise, sources say

    Dubbed "Project Emerald", according to two of the people, the privately owned retailer is looking to sell a minority stake of about 30% in the business, Reuters reported previously. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which has previously been shortlisted to buy the stake, is also still involved in the talks, one of the people and a third one said. The Starbucks unit runs around 2,000 outlets in 13 countries, across the Middle East and North Africa, Kazakhstan and Azerbaijan. It was valued at between $4 billion and $5 billion in 2022, Reuters reported previously, before it exited Russia.

  • All the tangled conflicts in the Middle East, explained

    Even prior to Hamas’s attack and Israel’s response, longstanding alliances and regional political dynamics in the broader Middle East were in a state of unusual flux. Major players including Israel, Iran, Saudi Arabia, and the United States are all reconsidering their interests in the region.

  • Saudi Arabia’s Commitment To Fighting Terrorism Is Solid

    The second meeting of the Islamic Military Counter Terrorism Coalition defense ministers was held in Riyadh recently, under the theme: “Combating Terrorism: A Shared Responsibility," which was chaired by Prince Khalid bin Salman bin Abdulaziz, the Saudi Defense Minister who heads the council.

  • Conflict in the Middle East is affecting a key energy lifeline for Europe. How big is the risk?

    Europe relied for decades on gas transported through pipelines from Russia. That came to an abrupt end after Russia invaded Ukraine and cut off most of its supply. LNG became a lifeline, with the German government, for example, hastily lining up floating import terminals on its northern coast. Last year, 12.9% of Europe’s LNG went through the Red Sea from suppliers in the Middle East, mainly Qatar. That means “an extended shut-in of the Red Sea route from the Middle East poses a supply risk to Europe,” said Kaushal Ramesh, vice president at Rystad Energy.

  • US confronts ‘Axis’: Who are Iran’s allies? Can they be deterred?

    Since the Hamas-Israel war erupted Oct. 7, Iran-backed militias in Iraq and Syria have mounted more than 165 attacks against U.S. military bases in the region. After a cross-border drone strike killed three American soldiers in Jordan last week, the United States vowed to “hold accountable” those responsible. American warplanes launched 85 strikes Friday against militias allied to Iran, and the U.S. promised more retaliation to come as it targets weapons depots, rocket stockpiles, and command-and-control infrastructure of Iran’s self-declared “Axis of Resistance.”

  • Aerial photos show development of 170km long Saudi Arabia city The Line

    Aerial photos showing the early stages of the 170km long city The Line in Saudi Arabia have been shared by Neom’s chief operating officer. A 170km long and 200m wide linear development in the desert, The Line is a “cognitive city” being built in Saudi’s Tabuk Province. Bordered by two 500m-high walls, mirrored on the exterior, it is planned to be home to 9M residents in its 34km2 area and will be filled with interconnected mixed-use community spaces in its 135 modules. It will run as completely carbon net zero and have no roads or cars, but public electrified transport running along the outskirts.

  • Saudi Defense Ministry Signs 19 Deals with Local, Global Companies at World Defense Show 2024

    The Saudi Ministry of Defense announced Tuesday that it had signed 17 contracts and two memoranda of understanding (MoUs) with local and international companies. The announcement was made on the sidelines of the World Defense Show 2024 in Riyadh. The contracts the ministry signed aim to raise the Armed Forces’ military readiness, enhance their capabilities, and improve their combat efficiency, in addition to contributing to supporting and localizing local manufacturing in line with the targets of the Saudi Vision 2030 of localizing more than half of spending on military equipment and services.

  • The hopes and fears of employees across the Kingdom of Saudi Arabia

    Our 2023 Hopes and Fears Middle East survey revealed a young, ambitious and hyper-aware generation of employees who are comfortable with the rapid transformation around them. Drawing responses from 521 individuals in the KSA and over 1,500 in the region, the survey highlighted prominent themes, including the workforce’s enthusiasm to adopt new skills and positivity around AI and sustainability.

  • China Grabs Spotlight With Major Presence at Saudi Weapons Show

    While US companies like Boeing Co. and Lockheed Martin Corp. dominated the World Defense Show in the Saudi capital of Riyadh this week, China’s presence dwarfed that of most other countries. Exhibiting for the first time under a single brand — China Defence — state companies displayed a range of weaponry from drones to anti-aircraft and ballistic missiles along with models of stealth fighter jets and amphibious assault ships.

  • Saudi Arabia’s Modern Mills announces plan to list 30% in IPO

    Saudi Arabia's Modern Mills for Food Products said on Wednesday it is planning an initial public offering of 30% of its shares, the second flour mills company in the kingdom to seek a listing since the government privatised the industry. Modern Mills plans to sell 24.5 million shares on the Saudi Exchange, equivalent to 30% of its share capital, the company said in a regulatory statement on Wednesday.