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  • Saudi foreign minister denounces Israel’s north Gaza assault as genocide

    Saudi Arabia denounced Israeli attacks in northern Gaza as genocide on Thursday, telling foreign investors that some bilateral agreements it has been negotiating with Washington are "not that tied" to normalisation of its relations with Israel. Speaking on stage at an investment conference in Riyadh, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said Israeli actions in northern Gaza could only be described as a form a genocide that was feeding a cycle of violence.

  • Saudi-US bilateral accords ‘not that connected’ to Israel normalization

    Saudi Arabia’s foreign minister said on Thursday that some of the bilateral agreements the kingdom has been negotiating with Washington are “not that tied” to the normalization of Saudi relations with Israel and are “moving ahead.” He noted that potential US-Saudi agreements on trade and artificial intelligence are “not tied to any third parties” and “can progress probably quite quickly.” “Some of the more significant defense cooperation agreements are much more complicated. We would certainly welcome the opportunity to finalize them before the end of the Biden administration's term, but that’s reliant on factors outside of our control,” he said.

  • Saudi Arabia’s ACWA Power eyes new markets, more green hydrogen plants

    Saudi Arabia’s ACWA Power hopes to triple its business in the next five years to reach $250 billion in assets under management, a top company official said this week. ACWA Power’s chief investment officer, Thomas Brostrom, said the company currently has about $95 billion in assets under management. “We have a very ambitious growth plan,” Brostrom said in an interview at the Future Investment Initiative (FII) summit in Riyadh, highlighting significant agreements signed this week worth over $1.78 million. “You can feel the energy, it’s really bustling and sparkling energy,” Brostrom said of the FII.

  • Sovereign debt is the biggest risk to global growth in 2025, Saudi finance minister says

    “I think globally, the serious, serious issue that we need to watch is sovereign debt issues, particularly in low-income countries and emerging economies that do not have the fiscal buffers to lean into in case of disruptions in the market,” Mohammed Al-Jadaan told CNBC’s Dan Murphy Wednesday from the Future Investment Initiative in Riyadh. “And hopefully between the IMF and the G20 we will find a solution, and we will be ready to support the world economy in case of shocks in that area, but it is an area that we need to watch, as global leaders, to make sure that it doesn’t surprise us.”

  • Saudi Arabia World Cup bid report accused of ‘whitewashing’ rights abuses

    AS&H Clifford Chance was commissioned to independently assess the human rights implications of the bid, but the report “contains no substantive discussion of extensive and relevant abuses in Saudi Arabia”, according to a statement released by 11 organisations, including Amnesty International and Human Rights Watch.

  • Saudi Arabia’s spending trajectory is sustainable, kingdom’s finance minister says: Video

    Mohammed al-Jadaan, Saudi Arabia’s minister of finance, says the kingdom’s non-oil revenues have grown significantly and cover about 37% of the national expenditure.

  • Saudi Arabia’s Hassana eyes investment in Brookfield Middle East fund

    Hassana, the investment arm of Saudi Arabia's main pension fund, is considering becoming an anchor investor in Brookfield's (BN.TO), opens new tab new $2 billion Middle East fund, it said on Thursday. That would bring Hassana on board with the kingdom's PIF sovereign wealth fund, which announced on Wednesday that it had entered a non-binding agreement to become an anchor investor in the Brookfield Middle East Partners fund.

  • Saudi Arabia’s start-up airline places £6bn plane order in challenge to Gulf rivals

    This is in addition to an earlier agreement for 39 Boeing wide-bodies announced last year, which includes the option for another 33. Chief executive Tony Douglas said the Airbus jets will help “support economic growth” by establishing the comprehensive route network needed to transform the city of Riyadh into a global aviation hub.

  • Saudi Arabia’s Q3 GDP grows by estimated 2.8% y/y

    Saudi Arabia's economy grew 2.8% in the third quarter year on year, preliminary government data showed on Thursday, supported by an increase in non-oil activities. Non-oil growth rose 4.2%, government activities increased 3.1% and the oil sector grew 0.3%, data released by the General Authority for Statistics showed. GDP had shrunk in the second quarter on a year-on-year decline in oil activities of almost 9%.

  • BlackRock Gets Nod From Saudi Arabia for Regional HQ in Riyadh

    With the move, BlackRock will be able to expand its operations across the Middle East, according to a statement. The company established BlackRock Saudi Arabia Company six years ago and is regulated by the kingdom’s Capital Market Authority. “BlackRock plays an important role in Saudi Arabia’s asset management landscape,” Hassan Alduhaim, senior adviser of the minister of investment of Saudi Arabia, said in the statement. “We look forward to BlackRock’s continued growth in Saudi Arabia and the Region.”