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  • Masdar, EDF and Nesma partner to build $1bn Saudi solar plant

    A consortium of Masdar, EDF Renewables and Nesma Holding has won a bid for the construction of a 1.1GW solar plant in Saudi Arabia.

    It placed the lowest bid of $16.84 per megawatt-hour to secure the Al Henakiyah solar project from the Saudi Power Procurement Company (SPPC). The consortium of Abu Dhabi-based Masdar, France’s EDF Renewables and Saudi conglomerate Nesma has entered a power purchase agreement with SPPC for a period of 25 years.

  • Saudi wealth fund raises stake in carmaker Aston Martin to over 20%

    The Saudi wealth fund has raised its stake in Aston Martin (AML.L) to 20.5%, a regulatory filing showed on Wednesday, a week after the British luxury carmaker's quarterly results and outlook disappointed investors. Public Investment Fund's (PIF) shareholding has now gone up by 2.6 percentage points from 17.9%, putting it ahead of Geely (0175.HK) Chairman and Chinese entrepreneur Shufu Li on Aston Martin's shareholder list, according to LSEG data.

  • Saudi startups join Monsha’at in exploring Singaporean SME and tech sectors at SWITCH 2023

    Monsha'at led a delegation of Saudi startups — including Ynmo, Nitx, CASHIN, PTway, Soum, Morni, Osarah, and Golyv — from a diversity of sectors, offering the enterprises an opportunity to connect and network with SMEs and investors from around the world. The technology festival — held from 31 October to 2 November 2023 in Singapore — served as a unique platform for innovative startups to showcase their businesses and call attention to the contributions of homegrown enterprises to the Saudi economy, reiterating the growth and development of the Saudi SME landscape.

  • 200,000-year-old hand axe discovered in the northern part of Saudi Arabia

    The Royal Commission for AlUla (RCU) of Saudi Arabia has announced that archeological excavation teams at the Qurh site in AlUla Governorate have discovered a Paleolithic Age hand axe estimated to be more than 200,000 years old. Qurh (AL-Mabiyat) is located near the village of Mugheira, some 20 Kilometers south of the modern town of AlUla.

  • Saudi Aramco VC Fund Backs AI-Powered Cybersecurity Startup

    Saudi Aramco’s venture capital arm has invested in SpiderSilk, a United Arab Emirates-based startup that offers AI-powered cybersecurity services. Aramco’s $500 million venture fund, Wa’ed Ventures, took the lead in a $9 million round that included Riyadh-based Saudi Technology Ventures and Dubai’s Global Ventures. The new capital is intended to support SpiderSilk’s technology offerings in Saudi Arabia, the company said in a statement. SpiderSilk has worked with Lenovo Group Ltd., Panasonic Holdings Corp. and parts of Samsung Group, according to its website.

  • Sullivan told Saudi defense minister US will support defense of its partners – White House

    U.S. national security adviser Jake Sullivan on Monday met with Saudi Arabian Defense Minister Prince Khalid bin Salman Al Saud and confirmed President Joe Biden’s commitment to support the defense of U.S. partners against threats from state and non-state actors, including those backed by Iran, the White House said.

    The two men also affirmed the importance of deterring any expansion of the Israel-Hamas conflict, the White House said.

  • Saudi FM receives phone call from Ukrainian counterpart

    Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan received a phone call from his Ukrainian counterpart Dmytro Kuleba on Thursday, Saudi Press Agency reported. During the call, the two officials discussed the latest developments in the Ukrainian-Russian crisis as well as global efforts concerning the war in Gaza. Prince Faisal reaffirmed the Kingdom’s continuous support of all political solutions aimed at maintaining international peace and security, which ensure the protection of civilians and adhere to the principles of international humanitarian law.

  • Saudi artist breaks record at Sotheby’s Middle Eastern art auction in London

    In Saudi Arabia, artist Mohammed Al-Saleem was one of the artists who helped push the Saudi art scene. His works blend modernist abstraction alongside traditional elements from daily Saudi life. This week, Al-Saleem broke a world record during Sotheby’s 20th Century Art/Middle East sale in London. Inspired by the skyline of Riyadh that stands out among the desert dunes, his untitled work from 1986 was sold at $1.1 million, seven times its pre-sale estimate, while also passing the world record for any Saudi Artist. The artwork is archetypal to Al Saleem’s distinct artistic style known as “Horizonism” or “desert style,” inspired by Riyadh’s skyline from the desert.

  • A Look at the Progress at Saudi Arabia’s Ski Resort Trojena, Part of NEOM

    Trojena is envisioned to be a year-round tourist destination and will feature a ski village,luxury family and wellness resorts, and various retail stores and restaurants. It will be the venue for sporting events as well as art, music, and cultural festivals. By 2030, the mountain resort is expecting to attract 700,000 visitors and 7,000 permanent residents to live within the projects and adjacent residential districts.

  • A Look at the Progress at Saudi Arabia’s Ski Resort Trojena, Part of NEOM

    Trojena will be Saudi Arabia’s first all-year mountain resort and is envisaged to feature the first ski area in the country. Trojena is part of Saudi Arabia’s ambitious NEOM project and is located about 30 miles (50km) from the coast and is close to the border of Jordan, located in the Sarawat Mountains. While the majority of Saudi Arabia is a desert climate, the southwestern part is semi-arid and Trojena is in a mountainous region of between 4,900 to 8,500 ft (1500 to 2600 m) in altitude. Temperatures in the area range from -17°C (1.4°F) to 22°C (71.6°F) in winter but snowfall is fairly rare as the area is typically very dry.