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  • Alat: Spearheading Sustainable Technology Manufacturing with Clean Energy in Saudi Arabia

    Through strategic partnerships with international manufacturing and technology leaders, Alat endeavors to transform the global industrial landscape by offering sustainable solutions powered by clean energy. By manufacturing a diverse range of products across vital sectors such as robotics, communication systems, and digital entertainment, Alat aims to strengthen local innovation, research, and development while creating job opportunities and boosting economic growth.

  • Why is FinTech flourishing in Saudi Arabia?

    Saudi Arabia, under its Vision 2030 and Financial Sector Development Program (FSDP) — with the FinTech strategy approved in May 2022 as its fourth pillar, aims to become a cashless society with a target of 70% by 2030. It also aims to make the Kingdom a global FinTech hub that attracts entrepreneurs from around the world as well as within the country. FinTech Saudi was established in 2018 as an ecosystem builder and catalyst under the supervision of the country's financial regulators, SAMA (Saudi Arabian Monetary Authority) and CMA (Capital Market Authority), to lay the foundation and further accelerate the sector's success journey. This initiative has led to an increase in the number of FinTech startups to 207 in 2023, up from only 10 in 2018—an increase of 20.7 times in five years.

  • Young leaders, country in implementation phase gives Saudi edge in defense: GAMI CEO

    The confidence in a “young” Saudi leadership coupled with a country that is past its planning and into the implementation phase is giving the country an edge in the defense sector, Saudi Arabia’s defense regulatory chief said Tuesday. Speaking to Al Arabiya English, the CEO of the General Authority for Military Industries (GAMI) Ahmad al-Ohali said: “From a geopolitical and economic perspective, [Saudi Arabia] has a young leadership, very focused leadership with a clear vision,” adding that the country is currently actively seeking to implement the plans that were made in the past few years.

  • Saudi Aramco in investment discussions with Indian companies – exec

    State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday. "Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, told delegates at the India Energy Week in Goa, without specifying its plans. The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.

  • McKinsey Places 3,000 Staffers on Review as Economies Slow

    McKinsey & Co. has warned about 3,000 of the firm’s consultants that their performance was unsatisfactory and will need to improve. The firm gave these employees a so-called “concerns” rating as part of their performance reviews in recent months, according to people familiar with the matter. With that rating, employees are typically given about three months to show improved performance. If they’re unable to do so, the firm may begin counseling some of them to leave the company entirely.

  • 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.”