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  • HALO Space gears up for groundbreaking test flight in Saudi Arabia this June

    HALO Space, a leading company in the near space tourism sector, has revealed plans for its sixth test flight to take place in Saudi Arabia this June, pending approval from the Communications, Space and Technology Commission (CST)—the regulatory body for space activities in Saudi Arabia. This event marks a crucial step for both the company and the industry, as it will be the first instance where all the technologies behind HALO Space’s zero-emission flight are tested simultaneously, an achievement unparalleled by any other company in the field. The upcoming test will feature the launch of HALO’s second full-scale prototype capsule to a height of 32 kilometers above the Earth, further advancing their ambitions in stratospheric commercial flights.

  • Alvarez & Marsal: Performance of Saudi Banks is Largely Robust, Positive

    The performance of the top 10 banks in Saudi Arabia is largely robust and positive, global professional services firm Alvarez & Marsal (A&M) has said. The firm has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. It said operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw Net Interest Margins (NIM) improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent.

  • Conor Benn and Manny Pacquiao in talks over summer fight in Saudi Arabia

    British boxer Conor Benn is in talks to fight Manny Pacquiao in a remarkable summer bout in Saudi Arabia. The 27-year-old welterweight's career has stalled amid efforts to clear his name after two failed drugs tests in 2022, which saw a grudge match with Chris Eubank Jnr cancelled. Benn has since fought two low-key fights in the United States and now hopes to take on the 45-year-old boxing legend, who has not been in a fight since losing to Yordenis Ugas in 2021. His last victory came against Keith Thurman in 2019.

  • Navigating Transfer Pricing for Regional Headquarters in The Kingdom of Saudi Arabia

    The setup and operation of an RHQ in Saudi Arabia entail intricate transfer pricing considerations. These include assessing business restructuring for compliance, developing equitable cost allocation methods, and analyzing subcontracting and remuneration mechanisms to align with the arm's length principle. These steps are vital to prevent potential penalties, double taxation, and safeguard the company’s reputation while adhering to local laws.

  • Answering remaining questions about PGA Tour-Saudi PIF alliance

    An important step toward a potential peace accord in men's professional golf will take place Monday in the Bahamas when Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, is scheduled to meet player directors of the PGA Tour's policy board, including Tiger Woods. While the initial meeting might be nothing more than a meet-and-greet -- or a chance "to put a face to a name," as player director Adam Scott puts it -- it might be another step toward reuniting the fractured sport, which has been embroiled in controversy since the PIF helped launch the rival LIV Golf League in June 2022.

  • PGA’s Monahan Had Constructive Talks With Saudi’s PIF About Possible Investment

    PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises. The talks, which included players who are also on the entity’s board of directors, represent “an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan said in a memo to players reviewed by Bloomberg News.

  • Inside Cristiano Ronaldo’s family vacation to Saudi Arabia

    Vacation goals. Cristiano Ronaldo shared a sneak peek of his family’s luxurious beach getaway to a private Saudi Arabian island. The soccer star, his partner, Georgina Rodríguez, and their children stayed at the St. Regis Red Sea Resort on Ummahat Island, according to photos and videos shared by the couple this weekend.

  • Saudi Arabia Tackles How to Pay for Vision 2030; UAE-Egypt Deal Dynamics

    Saudi Arabia is embarking on an unrivaled spending spree on everything from mega projects to sports and technology in a bid to prepare for a post-oil future. It appears the country is only just getting started, with annual deployment of capital by the powerful sovereign wealth fund set to hit $70 billion a year from 2025. But even the giant petrostate has limits to what it can afford and that’s prompting the Public Investment Fund, the government and local banks to look for new ways to raise money.

  • Israeli troops raid Gaza’s Al Shifa Hospital

    Israeli troops raided the compound of Gaza's Al Shifa Hospital early on Monday in an operation that Palestinian health authorities said caused multiple casualties and set off a fierce fire in one of the buildings. The Israeli military said soldiers had conducted a "precise operation" based on intelligence that the hospital was being used by senior Hamas leaders, and were fired upon when they entered the compound.

  • Saudi Wealth Fund Is in Talks to Acquire National Airline

    The Public Investment Fund is considering a deal that would see it add the 80-year old Saudia to its growing portfolio of aviation assets as soon as next year, according to people familiar with the matter, who asked not to be identified as the information is private. The PIF would be taking over ownership of the airline from the government with a view to improving efficiency and profitability, the people said. The carrier could then be privatized or merged with Riyadh Air, which the wealth fund is currently setting up, they said.