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  • Will a New Trump Team Force a Recalibration in the Middle East?

    On the same day that Benjamin Netanyahu fired Yoav Gallant, Israel’s wartime defense minister and an emerging political rival, the prime minister scored what he undoubtedly views as another win: Donald Trump’s victory in the U.S. election. In the week since, the Israeli leader’s luck has gone from good to better with the president-elect’s decision to name a series of Iran hawks and Israel supporters to fill key posts in his administration.

  • The IMF and the Kingdom of Saudi Arabia to Hold a High-Level Annual Conference on Emerging Markets

    The International Monetary Fund and the Kingdom of Saudi Arabia have agreed to organize jointly in Al-Ula, Saudi Arabia, a high-level annual conference on challenges and opportunities facing emerging market economies. The first edition of this series will be held on February 16-17, 2025.  “The Al-Ula Conference for Emerging Market Economies will convene a select group of emerging markets’ ministers of finance, central bank governors, and policymakers, as well as public and private sector leaders, international institutions, and academia. It will offer a unique platform to exchange views on domestic, regional and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by strong international cooperation.”

  • Saudi crown prince MBS’ harshest remarks on Gaza conflict and a warning to Israel since the war began

    Saudi Crown Prince Mohammed Bin Salman has hit out at Israel and condemned its actions in Gaza as " collective genocide", in some of the harshest public criticism of the country by a Saudi official since the start of the war. MBS was speaking at a summit of Muslim and Arab leaders where the prince also criticised Israeli attacks on Lebanon and Iran. During a gathering of leaders of Islamic nations hosted by Saudi Arabia in Riyadh on Monday, the country’s de facto leader said: “The Kingdom reiterates its condemnation and absolute refusal of the collective genocide committed by Israel against the brotherly Palestinian people.”

  • Saudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency Sace

    Insurer and export credit agency Sace agreed on 80% guarantees for loans from international banks backing Neom, the ambitious project to build a new urban area that will be bigger than Belgium, according to people familiar with the matter. Prime Minister Giorgia Meloni’s government is looking to parlay its support for Neom into closer ties with the Gulf nation, and believes the loan deal could open opportunities for Italian infrastructure, construction and transportation groups, said the people, asking not to be named discussing confidential deliberations.

  • Saudi drivers’ income from delivery applications reaches SR1.1 billion in first 9 months of 2024

    According to a report, released by the Transport General Authority (TGA), the total number of trips carried out by passenger transport applications in various cities and regions across the Kingdom exceeded 51.8 million during the same period. The growth rate in the third quarter recorded 41 percent compared to the second quarter of this year, while the growth rate for the total number of trips since the beginning of the year reached 12 percent compared to the same period last year. These trips are provided through 46 applications licensed to practice the activity of transporting passengers via applications in the Kingdom.

  • Saudi Arabia’s Neom replaces its CEO amid reports of delays and cutbacks

    Neom’s leadership reshuffle comes at a period of changing financial pressures on the kingdom, as oil prices and demand forecasts remain subdued, and Saudi Arabia’s budget deficit widens. Budgets are facing cutbacks and projects are seeing delays, three people with knowledge of the matter told CNBC, speaking anonymously due to lack of authorization to speak to the press. The Line, for instance, has been reportedly scaled back from an initial planned length of 106 miles to just 1.5 miles — which would still make it the world’s longest building. Neom executives have vocally denied these reports, calling them “false” and saying that work was continuing as planned.

  • Saudi market adds 200,000 housing units annually: Al-Hogail

    The average number of housing units entering the Saudi market is 200,000 annually, and may increase to 300,000 units, Minister of Municipalities and Housing Majed Al Hogail told Al-Arabiya TV on the sidelines of Cityscape Global 2024 in Riyadh. The National Housing Co. (NHC) and its partners have provided more than 68,000 housing units so far, with prices starting from SAR 350,000 he added. Al-Hogail also pointed to the increase in options offered by local and international developers in the real estate market, noting that local banks have also begun to offer competitive rates to citizens.

  • Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

    Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday and the crown prince’s engagements with leaders from various countries. The cabinet praised the summit’s outcomes and welcomed its signing of the Tripartite Mechanism Document to Support Palestine, a joint initiative by the Organization of Islamic Cooperation, the League of Arab States, and the African Union Commission.

  • Saudi wealth fund PIF to sell further stake in STC in potential $1.1 billion deal

     Saudi Arabia's sovereign wealth fund PIF has hired Goldman Sachs and Saudi National Bank (1180.SE), opens new tab to sell around a 2% stake in the country's telecom group STC (7010.SE), opens new tab in a deal that could raise up to $1.1 billion, according to a statement from the banks. The price of the shares will be determined through an accelerated book building process, the banks said. PIF did not immediately respond to a request for comment. PIF, which sold 6% of STC for $3.2 billion in 2021, will keep a 62% stake in the telecoms group after the offering, whose final results will be announced on Thursday. STC will not receive any proceeds, the banks added.

  • Saudi Arabia’s Sovereign Wealth Fund Trims Nintendo Stake Again

    The Public Investment Fund cut its position in the the Kyoto-based games company to 6.3% from 7.5%, according to a filing to Japan’s Finance Ministry. That follows a sale of more than 17 million shares over a six-week period to October. The Saudi fund, which manages about $930 billion in assets, remains one of Nintendo’s biggest shareholders, according to data compiled by Bloomberg.