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  • Saudi Arabia’s NEOM opens New York office

    Saudi Arabia’s NEOM has opened its first US office in New York City, which will serve as a base for its business across the US. The announcement comes months after it launched its London office in November to serve as a base for its UK and European business. Nadhmi Al-Nasr, CEO of NEOM, stated the New York office will work towards exploring ‘new partnerships and sources of investment from the US’, a release stated.

  • AlUla Arts Festival turns Saudi Arabia’s ancient city into open-air, living museum

    The AlUla Arts Festival will transform Saudi Arabia’s ancient city into a place of creative inspiration and cultural exchange, turning it into an open-air living museum, AlUla Moments announced. Running from February 9 to 24, the multi-form arts festival returns for the third time with a program that features flagship events, immersive exhibitions, and creative initiatives for a city-wide celebration of all things art.

  • Alstom Wins $540M Contract for Saudi Battery-Power Tramway

    Alstom has won a $540 million contract to construct the world's longest battery-powered tramway in Saudi Arabia. The catenary-free, 22.4-km project will feature 20 Citadis B battery trams manufactured by the French rolling stock manufacturer, and 17 new stations.  Alstom’s contract includes designing a comprehensive system for the tram project as well as integrating, installing, testing and commissioning its battery-powered system. The firm will deliver power supply, signaling, communication and depot equipment as well as providing full tram maintenance for at least 10 years.

  • Saudi Arabia’s grim 2023 growth shows why oil’s price is so important

    One look at Saudi Arabia's latest growth figures explains why the Gulf giant has struggled mightily to boost global crude prices. Driving the news: With oil prices capped despite widespread geopolitical turmoil, Saudi Arabia's growth turned grim in 2023, with gross domestic product tumbling by -0.9 percent, compared with 8.7 percent in 2022. Why it matters: A core member of OPEC, the kingdom is one of the world's largest producers of crude, which plays a crucial role in its revenue picture. Oil accounts for 40 percent of Saudi's GDP, which saw a steep decline in oil activities.

  • Saudi Arabia launches second edition of The PIF Private Sector Forum in Riyadh

    Saudi Arabia on Tuesday launched its second edition of the “PIF Private Sector Forum,” the Kingdom’s premier event of its kind, alongside an exhibition at the King Abdulaziz International Convention Center in Riyadh. Spanning two days, February 6-7, 2024, the forum aims to foster enhanced partnerships and cooperation with the private sector. The initiative aligns with the Public Investment Fund’s strategic goal to boost the contribution of its projects and portfolio companies to the local content (PIF Projects) to 60 percent by the end of 2025, as stated in the Fund’s announcement on Monday.

  • Saudi Arabia joint venture heralds big sea farming expansion

    The aquaculture industry in Saudi Arabia is set for significant growth following the announcement of a new joint venture between NEOM, Saudi Arabia’s development organisation, and fish farming business Tabuk Fisheries Company. Trading as Topian Aquaculture, the new venture will include a hatchery that is expected to become the largest in the MENA (Middle East and North Africa) region by the end of 2024. The hatchery has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20,000 tonnes per year. The strategic agreement was unveiled at the Saudi International Marine Exhibition (SIMEC) in Riyadh.

  • Blinken Meets Saudi Crown Prince on Mideast Push for Pause in Gaza War

    Secretary of State Antony J. Blinken began a diplomatic push in the Middle East on Monday for a deal that would pause the war in the Gaza Strip and release the hostages there, even as a drone struck a military base used by American troops and allied forces in eastern Syria. Mr. Blinken, making his fifth trip to the region since the Oct. 7 attack on Israel, met in Riyadh with Saudi Arabia’s crown prince, Mohammed bin Salman, in the first stop on a trip that will also include meetings in Egypt, Qatar, Israel and the West Bank.

  • Top US consultancies face scrutiny over role in Saudi Arabia’s sports push

    Major US consultancies who have advised Saudi Arabia on its global sports spending spree – including its proposed takeover of golf’s PGA Tour – are coming under fire in Washington for possible violations of federal disclosure laws. Four prominent consulting firms, including McKinsey, have been accused of refusing to fully comply with subpoenas for information about their work for the oil-rich kingdom by the Senate permanent subcommittee on investigations. The Senate panel has been conducting an inquiry into authoritarian governments’ efforts to deploy soft power and other influence strategies in the US.

  • Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project

    Saudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy. The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance a hub it called “the biggest of its kind.” TDF and Riyad Bank will each provide 391 million riyals in funding, according to a statement Thursday.

  • Abu Dhabi Wealth Fund ADIA Considers Stake in Wanda Mall Unit

    Abu Dhabi Investment Authority is considering buying a minority stake in Dalian Wanda Group Co.’s mall operator, people familiar with the matter said, as the unit revamps its shareholding structure. ADIA, as the Abu Dhabi wealth fund is known, has held initial discussions over the potential stake purchase in Zhuhai Wanda Commercial Management Group Co., the people said. ADIA may buy shares from existing holders, said the people, who asked not to be identified as the information is private.