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  • Saudi Arabia reaffirms world’s security and stability on advent of Ramadan

    The weekly session of the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Tuesday, reaffirmed the Kingdom’s wishes for the world’s security and stability on the advent of the holy month of Ramadan. Addressing the Cabinet, the Crown Prince expressed gratitude to God Almighty for blessing all Muslim communities with this holy month and granting the Kingdom the honor of serving the Two Holy Mosques and their visitors. He also prayed that this month may bring security and stability to the Islamic nations as well as to the entire world.

  • “KSrelief is the only entity authorized to receive donations outside Saudi Arabia”

    The Ministry of Interior confirmed that the King Salman Humanitarian Aid and Relief Center (KSrelief) is the only entity authorized to receive and distribute donations outside Saudi Arabia, the Saudi Press Agency reported.

    The ministry emphasized that the Saudi society is a giving society. “The donation campaigns carried out by the Kingdom to relieve countries during disasters, and the Ehsan, Farajat and Tabarra platforms are based on regular procedures that ensure that donations reach those who deserve them and are not used for exploiting in a way undermining the security,” it said.

  • Moody’s retains positive outlook for Saudi Arabia’s banking sector

    Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment will continue to be supported by the strong momentum in the non-oil sector, which will benefit from the accelerated implementation of the economic diversification agenda,” said Moody’s. The report added that expected interest rate cycle reversal could squeeze margins, although loan growth and lesser funding costs could soften the impact of lower rates.

  • Report: Saudi Arabia’s PIF pitches $1bln investment into tennis

    Golf isn't the only sport Saudi Arabia's Public Investment Fund is trying to get its hands on. In the midst of negotiations with the PGA Tour, PIF is also looking to invest in tennis, specifically the ATP Tour and the WTA Tour, Sportico reported Wednesday. PIF is not looking to take over the tours, per the report. Instead, the money invested would primarily be used to acquire licensing that would bring a Masters 1000 event to Saudi Arabia. ATP chairman Andrea Gaudenzi reportedly made those on the tours aware of the offer last weekend at the BNP Paribas Open in Indian Wells, Calif.

  • Saudi Arabia’s PIF updates its asset size to $925.2bn

    Saudi Arabia’s sovereign wealth fund has revised its asset size on its website, reaching $925.2 billion, after it climbed to the fifth spot in a ranking of state-owned investment organizations. The significant rise in the Public Investment Fund’s standing follows its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. This acquisition has significantly impacted PIF’s overall assets under management, exceeding $860 billion, a rise from $700 billion by the end of 2022.

  • Inside Saudi Arabia’s plan to take over the mining industry

    Saudi Arabia sees vast riches beyond oil within its reach. The kingdom’s broad-ranging ambition, a top mining official told Semafor, is to extract the more than $2.5 trillion in metals in its soil, invest in minerals extraction around the world, and capture as much of the minerals value chain as possible. “Saudi Arabia is being transformed. Through this transformation we want to be an economic powerhouse,” Khalid al-Mudaifer, the vice minister for mining, said. “To be an industrial [power], we need minerals. To build projects, we need minerals. Therefore, mining of Saudi Arabia [is] the first step, bringing minerals from outside is the second step, third step is to build Saudi Arabia as a hub.”

  • Saudi Arabia Data Center Market Anticipates Robust Growth with Rising Demand for IoT and 5G Technologies

    The newest industry insights underscore the significant expansion within the Saudi Arabia Data Center Market, driven by the rapidly evolving digital landscape and the burgeoning need for sophisticated technology infrastructure. The forecast period of 2024-2028 highlights an exceptional growth trajectory, fueled by the integration of cloud computing, big data analytics, and the Internet of Things (IoT) services, amongst other advanced digital solutions.

  • Saudi Arabia’s PIF To Ramp Up Bond Sales, IPOs to Pay for MBS’s Projects

    Saudi Arabia’s sovereign wealth fund is considering plans to accelerate debt sales or obtain bank loans as it hunts for new sources of cash to help pay for Crown Prince Mohammed bin Salman’s trillion-dollar economic transformation project. The Public Investment Fund could also line up equity offerings in its portfolio companies as part of the push, according to people familiar with the matter. The moves come as the fund’s cash reserves have dropped to $15 billion as of September — the lowest level since 2020, the earliest year for which data is available.

  • Saudi Arabia Gets $13 Billion in Investment in Tourism Boost

    Saudi Arabia has attracted about $13 billion in private sector investment into its tourism industry as it aims to share the cost of spending associated with its plan to become a new travel hot spot. The investments are poised to add another 150,000 to 200,000 hotel rooms within the next two years, according to Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism. The kingdom is also targeting raising tourism revenue to $85 billion this year from around $66 billion in 2023, she said.

  • Saudi Arabia’s Riyadh Air receives over 1 million job applications in year since inception

    In a year since its launch on March 12 last year, the Public Investment Fund (PIF)- owned Riyadh Air has received over 1 million online job applications, the airline announced Wednesday. The airline received applications from over 100 countries as it built its team, running several recruitment roadshows across London, Paris, Dubai, and Riyadh.