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  • Saudi Arabia launches second edition of The PIF Private Sector Forum in Riyadh

    Saudi Arabia on Tuesday launched its second edition of the “PIF Private Sector Forum,” the Kingdom’s premier event of its kind, alongside an exhibition at the King Abdulaziz International Convention Center in Riyadh. Spanning two days, February 6-7, 2024, the forum aims to foster enhanced partnerships and cooperation with the private sector. The initiative aligns with the Public Investment Fund’s strategic goal to boost the contribution of its projects and portfolio companies to the local content (PIF Projects) to 60 percent by the end of 2025, as stated in the Fund’s announcement on Monday.

  • How Saudi Arabia is using wildlife conservation, habitat protection, and the green transition to preserve its ecosystems

    Saudi Arabia aims to be at the forefront of environmental protection through initiatives aimed at restoring and maintaining the ecological balance, which promotes harmonious and flourishing ecosystems. Climate action, clean energy, and preserving habitats are just some of the 17 Sustainable Development Goals incorporated into Saudi Arabia’s 2030 Agenda for Sustainable Development. The SDGs serve as a blueprint for achieving a balanced ecosystem for wildlife, water, and the environment in the Kingdom. Without balance, ecosystems face major challenges from global warming, water shortages, and the loss of biodiversity.

  • 2024 Edelman Trust Barometer Reveals Innovation has Become a New Risk Factor for Trust

    The 2024 Edelman Trust Barometer reveals a rift between innovation and society that has become the new factor causing further polarization. Respondents, by nearly a two-to-one margin, feel innovation is being poorly managed; this is true across age groups, income levels, and gender, and in both developed and developing countries people are more likely to say innovation is poorly managed than well managed. Innovations have also become politicized, especially in Western democracies where right leaning individuals are far more likely than those on the left to reject them; the biggest differences between those on the right and left are in the U.S. (41 points), Australia (23 points), Germany (20 points), and Canada (18 points).

  • stc, Saudi Railway Company Partner to Elevate National Cybersecurity

    stc group has announced a strategic partnership between its subsidiary, sirar by stc, and the Saudi Railway Company (SAR), the owner and operator of railway networks in Saudi Arabia. This collaboration is set to revolutionize the realm of Information Technology and technological innovation within the Kingdom's critical infrastructure. This will facilitate an alliance for a strategic move to deepen the national expertise in cybersecurity and technology within critical infrastructure sectors.

  • Setting the Stage: The Vital Role of Private Art Institutions in Saudi Arabia

    Yet amid the present moment of grandiose state patronage that has led to a renaissance of sorts across the kingdom, at times the role of private art institutions has been overlooked. Prior to the present massive government investment in culture, these institutions – independent players such as Edge of Arabia, Athr, Hafez Gallery, and Art Jameel – played a vital role in the development of the Saudi art scene during a time when the state was largely not present in Saudi cultural enterprise.

  • Why is Automation Crucial for VAT Reconciliation in Saudi Arabia?

    Saudi Arabia implemented phase 2 under e-invoicing in January 2023, which mandates all enterprises to integrate their ERP/accounting system/POS with the Fatoora portal to send B2B invoices for clearance and B2C invoices for reporting. Later, ZATCA calculates Value Added Tax (VAT) liability based on the e-invoicing data and proceeds with audits and penalties for potential discrepancies.

  • Saudi growth sources changing as private sector focuses on diversification: Alibrahim

    In a program on CNBC Arabia, Alibrahim elaborated on how the expansion of non-oil activities was previously limited to specific sectors but has now diversified to include emerging sources such as financial services, communications, tourism, and other sectors.   The Public Investment Fund (PIF) and the National Development Fund (NDF) are currently functioning independently of government support, and support for these funds is anticipated to diminish in the future, the minister said.   Alibrahim highlighted that the private sector's contribution to the GDP was less than 40% before the implementation of Vision 2030, and it currently stands at the mid-40%, aiming to achieve 65%.

  • Saudi Arabia’s private sector employees surge to 10.92 million

    Saudi Arabia has witnessed a significant surge in the total number of workers in the private sector. A recent report by the National Labor Observatory (NLO) revealed that, in December 2023, Saudi Arabia’s private sector recorded a surge in the total number of workers in the private sector, reaching a total of 10.92 million workers. This indicates a steady and growing attraction to employment opportunities within the private sector

  • PGA Tour seeks extension on commercial deal with Saudis, private investors

    The PGA Tour believes it has made enough progress with the Saudi backers of LIV Golf to extend their negotiations into next year for a new commercial deal that would include a U.S. investment group and the European tour. Commissioner Jay Monahan sent a memo to players on Sunday afternoon, just seven hours before the deadline to finalize the deal that was set in the June 6 framework agreement. The PGA Tour board unanimously agreed three weeks ago to negotiate exclusively with Strategic Sports Group, a consortium of American-based professional sports teams owners led by Fenway Sports Group.

  • Populous unveils innovative esports arena at Qiddiya in Saudi Arabia

    Stadium specialist Populous has released new concept images of its state-of-the-art esports arena at Qiddiya in Saudi Arabia. The Populous-designed esports arena is part of Qiddiya City’s gaming and esports district. It will offer the largest combined amount of video screens of any esports arena in the world, as well as 4D haptic seats.

    The 5,155-seat arena will be able to adapt to multiple experiences and events. Populous has carried out sightline studies to provide the best views in the main auditorium.