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  • Zelensky warns Ukraine won’t accept decisions made without them in peace talks

    Ukrainian President Volodymyr Zelensky said in a "Meet the Press" interview aired Sunday that he would "never accept" decisions made by the U.S. and Russia about Ukraine's future, even as the two nations appear poised to engage in peace talks this week. President Trump's Middle East envoy, Steve Witkoff, confirmed Sunday on Fox News' "Sunday Morning Futures" that he and National Security Adviser Michael Waltz will travel to Saudi Arabia to "hopefully make some really good progress" on the Russia-Ukraine peace process.

  • Announced at LEAP 2025: The Next Step for Saudi Arabia Financial Innovation

    The five-day event saw experts from across the financial market come together to discuss and learn about AI-driven financial services, investment platforms, strategic partnerships, fraud prevention and more. With attendees getting a greater understanding of what firms are doing to help achieve the Kingdom’s Vision 2030 goal, we wanted to share some of the biggest announcements made at LEAP 2025.

  • Ceer supercharges Saudi EV industry with $1.4bn in deals, gearing up for 2026 launch

    Saudi Arabia’s first homegrown electric vehicle brand, Ceer, signed 11 deals worth SR5.5 billion ($1.4 billion) at a Public Investment Fund event ahead of its model launch in 2026. More than 80 percent of these agreements involve Saudi companies, reinforcing Ceer’s commitment to its 45 percent localization target and advancing the Kingdom’s Vision 2030’s economic diversification goals. Among the key memorandums of understanding signed at the PIF Private Sector Forum are agreements related to heating and air conditioning, portable EV chargers and various manufacturing aspects, such as plastic injection parts. DeLuca highlighted that Ceer is the only company in Saudi Arabia managing the entire process — from designing and engineering to manufacturing, selling, and servicing a portfolio of battery electric vehicles.

  • Spending pushes Saudi fiscal deficit to $31bn in 2024

    Saudi Arabia’s fiscal deficit reached SAR116 billion ($31 billion) in 2024, driven by a 6 percent rise in expenditure, according to the ministry of finance. The deficit was in line with revised predictions made in September but roughly 50 percent higher than the SAR79 billion ($21 billion) projected at the start of the fiscal year. Increased expenditure comes at a time of high spending across the kingdom on infrastructure giga-projects in support of Saudi Vision 2030 diversification targets. The economy minister, Faisal Alibrahim, speaking at an event in Riyadh on Thursday, said that infrastructure investments are expected to reach $1 trillion by 2030. Oil revenues rose marginally to SAR757 billion last year, while non-oil revenues rose 10 percent year on year to SAR502 billion, the ministry said.

  • Saudi private school in Herndon to shut down, surprising families

    The current school year will be the last official one for King Abdullah Academy. After close to a decade in the Herndon area, the Islamic private school announced in late January that it will close for good after the 2024-2025 academic year, citing challenges with identifying a “viable financial path to self-sustainability.” Funded by Saudi Arabia’s government, King Abdullah Academy launched in August 2016 after relocating to its current 40-acre campus at 2949 Education Drive east of Dulles International Airport. The school was previously known as the Islamic Saudi Academy and operated out of the original Mount Vernon High School from 1985 until its Herndon move. The academy’s departure opened the door for Fairfax County to redevelop the Mount Vernon site (8333 Richmond Highway), a project that began construction last fall.

  • Rethinking Business Expansion: What GCC Companies Can Learn from Saudi Arabia

    Many GCC economies still rely heavily on hydrocarbon revenues. Saudi Arabia’s success in diversifying into tourism (e.g., NEOM, Red Sea Project), entertainment, and financial services highlights the importance of expanding into high-growth sectors. GCC companies can adopt a similar approach by investing in industries with strong long-term growth potential, developing capabilities in emerging sectors such as green energy, logistics, and fintech, and encouraging intra-regional trade to create interconnected markets. Saudi Arabia has streamlined its business regulations to create a more investor-friendly environment. The introduction of the Saudi Green Card (Premium Residency) and relaxed foreign ownership laws have made the Kingdom more attractive to international firms. Other GCC nations can enhance their appeal by reducing bureaucratic barriers to entry for foreign businesses, implementing policies that promote transparency and efficiency, and enhancing legal frameworks to support corporate governance and investment security.

  • Commentary: Saudi Arabia’s political messages in response to Netanyahu

    Notably, Riyadh is spearheading ongoing efforts by leading the Global Alliance for the Implementation of the Two-State Solution, as announced by Foreign Minister Prince Faisal bin Farhan at the UN General Assembly last September. This initiative is in collaboration with Arab and Islamic countries, as well as the EU and Norway. The objective is to develop a “practical plan to achieve shared goals for the desired peace,” as stated by Prince Faisal, who affirmed that “we will exert our utmost efforts to establish a reliable and irreversible path toward a just and comprehensive peace.”

  • Al-Falih: Nearly 600 global companies choose Saudi Arabia as regional headquarters

    Minister of Investment Eng. Khalid Al-Falih announced that the number of global companies establishing their regional headquarters in Saudi Arabia has risen to nearly 600. Al-Falih announced this while attending a panel discussion titled “Ministerial perspective on the role of the government to enable the private sector,” held as part of the third edition of the PIF Private Sector Forum in Riyadh on Wednesday. The minister noted that the number of registered investment licenses surged from 4,000 in 2018 and 2019 to 40,000 currently, while total investments have doubled to SR1.2 trillion, accounting for 30 percent of the Saudi economy. "Seventy-two percent of investments came from the private sector, while the Public Investment Fund's (PIF) portfolio and companies account for only 13 percent. This underscores Saudi Arabia's position as a strong global investment destination, thanks to its attractive economic environment and diverse investment opportunities across various sectors,” he said.

  • No booze in 2034 World Cup, LGBTQ fans welcome, Saudi ambassador says

    Saudi Arabia will uphold its current ban on alcohol during the 2034 World Cup, said Khalid bin Bandar Al Saud, the host country's ambassador to the United Kingdom. Global soccer governing body FIFA officially announced Saudi as hosts of the 2034 World Cup in December. The kingdom banned alcohol, which is prohibited for observant Muslims, in 1952. It was not sold at stadiums in neighbouring Qatar, where drinking in public is illegal, during the 2022 tournament but beer was available at designated fan zones and in some hotels.  "Plenty of fun can be had without alcohol - it's not 100 per cent necessary and if you want to drink after you leave, you're welcome to, but at the moment we don't have alcohol," Khalid bin Bandar told British radio station LBC on Wednesday. "Rather like our weather, it's a dry country. Everyone has their own culture. We're happy to accommodate people within the boundaries of our culture but we don’t want to change our culture for someone else."

  • Saudi Arabia acquires Tanzania’s Bagamoyo port

    The Tanzanian authorities granted the Saudi African Investment and Development Co. (SADC) concession and acquisition rights for Bagamoyo Port in Tanzania, Saudi Press Agency reported, citing Chairman of Federation of Saudi Chambers of Commerce Hassan Al-Huwaizi. The approval is part of SADC's "East Gateway Project," aimed at the East African region. The initiative will bolster Saudi Arabia’s position as a key driver of global economic development, attract greater foreign investment (particularly in Africa), and strengthen its logistical capacity to deliver Saudi exports worldwide.