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  • Saudi Bank Liquidity Pressure Eases as Government Deposits Surge

    Saudi bank liquidity pressure moderated in 2023 and liquidity conditions should remain reasonable in 2024, Fitch Ratings says. Liquidity has been supported by increased deposit inflows from government-related entities (GREs), which grew by SAR147 billion (23%) in the 12 months to end-October 2023 and represented 70% of total deposit inflows in the period.

  • Riyadh draws over 200 companies seeking government contracts in Saudi Arabia

    Saudi capital Riyadh has emerged as a new regional hub for over 200 international companies, aligning with an upcoming Saudi government policy.
Effective January 1, 2024, the policy requires international firms to establish their regional headquarters in the Kingdom to be eligible for government contracts.
    The move is part of Saudi Arabia’s strategy to strengthen Riyadh’s status as a global commercial centre and has led to many corporate relocations. 
Companies from diverse sectors, including energy, technology, healthcare, and hospitality, have already established their regional bases in Riyadh.

  • Saudi Arabia Government Launches a “Farming Tourism” Business

    Dan’s first project will be located in the Al Ahsa region and will cover 1.8 million square meters. It will feature an eco-resort, an agri-resort and an adventure resort, according to the Public Investment Fund (PIF). The company is also expected to contribute approximately $1.6 billion (SAR 6 billion) to Saudi Arabia’s non-oil GDP by 2030, betting on intrepid travelers getting involved in “traditional farming experiences” in the Gulf state.

  • Saudi SMEs see $270m boost from government-backed fund

    More than SR1 billion ($270 million) has been allocated to small and medium enterprises in Saudi Arabia since 2017 by a government-backed platform known as Forsa. The Human Resources Development Fund announced in a statement that the platform, part of the “Nine Tenths” program, has witnessed significant growth, with approximately SR500 million being allocated in the year 2023 alone. Forsa serves as a link between suppliers and buyers, enabling registered entities to electronically review and submit price quotations for government and private sector procurement, according to the statement.

  • Saudi crown prince invited to visit UK, government source says

    Saudi Crown Prince Mohammed bin Salman has been invited to visit the UK, a government source has said. No 10 said they would confirm the prime minister's engagements in the usual way, with nothing in the diary yet. But a separate government source said there was no reason to think the visit would not happen. It would be the first visit since the murder of the journalist Jamal Khashoggi at the Saudi consulate in Istanbul in 2018.

  • Commentary: Saudis said wary of full normalization with Israel, or a deal with current government

    While US officials have stressed that their approach to an Israel-Saudi deal is not all or nothing and that they also back interim steps that bring the sides closer to full normalization, the stance attributed to the crown prince in a Wall Street Journal report on Wednesday appeared to be the first time a Saudi official was suggesting that such intermediate moves might be as far as Riyadh is willing to go, and that it’s not ready for an accord akin to the one Israel signed with the United Arab Emirates in 2020.

  • Government-owned SALIC buys 42.4 percent stake in Saudi Arabia’s NAQUA

    The government-operated Saudi Agricultural and Livestock Investment Company (SALIC) has purchased a 42.4 percent stake in NAQUA, Saudi Arabia’s largest aquaculture firm. Al-Lith, Saudia Arabia-headquartered NAQUA operates 80 nurseries, 77 super-intensive ponds, and 547 open inland ponds spread over 4,485 hectares, with an annual production capacity of 90,000 metric tons (MT) of shrimp, according to its website. It also operates an aquafeed mill and 20 net-pens farming 15,000 MT of barramundi annually, and a sea cucumber broodstock unit, hatchery, grow-out facilities, and processing plant.

  • Mitch McConnell doesn’t believe PGA Tour merger with Saudi-backed LIV Golf has ‘governmental concern’

    Senate Minority Leader Mitch McConnell, R-Ky., doesn’t believe that the historic pro golf merger between the PGA Tour, Saudi Public Investment Fund (PIF), which runs LIV Golf, and the DP World Tour has any "governmental concern." "I don’t really have anything to say on that," he said, via Reuters, when asked about whether congressional oversight of the merger will occur. "It strikes me as not a governmental concern." The PGA Tour announced Tuesday that it would be merging with the PIF and DP World Tour under one new entity, saying the goal is to "unify the game of golf, on a global basis."

  • Italian government lifts restrictions on export of military weapons to Saudi Arabia

    The Italian government on Wednesday lifted restrictions on the export of military weapons to Saudi Arabia, ending an embargo which began in 2019. The move was announced in a communique at the end of a Council of Ministers presided over by Prime Minister Giorgia Meloni. The decision was made “in accordance with the foreign and defense policy of Italy,” the official communique said.

  • Visiting Saudi Arabia? Here are five government mobile apps every tourist must download

    If you wish to visit Saudi Arabia and want to know more about visa requirements, flight or accommodation bookings and transportation services, Saudi Arabia has official mobile applications that help tourists plan a smoother and hassle-free experience. Whether you are visiting the country for Umrah, leisure purposes, or to spend time with family and friends, here are five apps you should download.