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  • Saudi Arabia’s PIF raises $7bn from first murabaha facility as it seeks to boost investments

    Saudi Arabia's Public Investment Fund plans to raise $7 billion from its first murabaha credit facility, as the fund diversifies its funding sources to boost investments. A murabaha facility follows an Islamic financing structure which does not involve any interest payments, where the two parties agree on the contractual terms. The financing is part of the fund's medium-term capital-raising strategy and is supported by a syndicate of 20 international and regional financial institutions, the PIF said on Monday. “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia,” said Fahad Al Saif, PIF’s head of the global capital finance as well as the investment strategy and economic insights divisions.

  • Dakar Rally competitors react to grueling Stage 2 in Saudi Arabia: Video

    Dakar Rally drivers and riders recount Stage 2 of the event, where competitors took two days to traverse nearly 1000 km.

  • Saudi Arabia completes arrangement to secure $2.5 bln credit facility

    Saudi Arabia has finalised an arrangement for securing a shariah-compliant revolving credit facility worth $2.5 billion, the National Debt Management Center (NDMC) said on Thursday. The credit facility, which spans a tenure of three years, is aimed at financing the general budgetary needs, and was secured with the participation of three regional and international financial institutions, NDMC added in a statement.

  • PHOTO COLLECTION: Saudi Arabia Dakar Rally

    This is a collection of 37 photos chosen by AP photo editors.

  • Saudi Arabia to host 2026 Gulf Cup

    Adding another tournament to a busy decade of football events, Saudi Arabia will host the 2026 Gulf Cup.  The news was confirmed on the sidelines of the current Gulf Cup in Kuwait where the tournament’s general assembly unanimously awarded the finals to Saudi Arabia next year. A prestigious prize in the region, the Gulf Cup was first played in 1970. It’s the fifth time that Saudi Arabia will organise the tournament, having welcomed the regional finals in 1972, 1988,2002 and 2014. The staging represents another boost to the country’s hosting credentials. Last year, Saudi Arabia welcomed the Club World Cup, the first FIFA tournament on Saudi soil since the Confederations Cup in 1997.

  • South African-built cars dominate the Dakar Rally in Saudi Arabia: Video

    South Africa’s strong legacy at the Dakar Rally continues in 2025, with more than half of the vehicles at the event in Saudi Arabia being designed and built in the country. The race promises to be another thrilling competition showcasing Southern African engineering prowess.

  • Saudi Arabia embraces mortgage-backed securities

    Saudi officials have signed a preliminary deal this week to issue residential mortgage-backed securities, a first for the Gulf. The Saudi Real Estate Refinance Company (SRC), which is owned by the Public Investment Fund (PIF), and the Hassana Investment Company, which manages the assets of the national social security and pension fund, signed the memorandum of understanding on January 1. “Our partnership with Hassana marks a significant milestone in supporting the evolution of the housing finance landscape and fostering the development of Saudi Arabia’s capital markets,” SRC’s chief executive Majeed Al Abduljabbar said in a statement. Mortgage-backed securities are investments like bonds. Each is a share in a bundle of home loans and other real estate debt bought from the banks or government entities that issued them. Investors in mortgage-backed securities receive periodic payments like bond coupon payments.

  • Saudi Arabia revises fees for seven services, including visa and Iqama renewals

    The Saudi Ministry of Interior’s Absher Business platform has introduced updated fees for seven services offered to establishments, according to Okaz newspaper. Among the changes, the fee for extending an exit and reentry visa has been set at SR103.5, while the renewal fees for the residency permit (Iqama) and the final exit have been revised to SR51.75 and SR70, respectively. The updated fee for issuing an Iqama is also SR51.75, while the fee for requesting an employee report has been set at SR28.75. For expatriates, the cost of updating passport information is now SR69.

  • Saudi Arabia Affirms Readiness To Participate In Syria’s Renaissance

    Prince Faisal reiterated the Kingdom’s commitment to supporting Syria’s sovereignty, independence, and territorial integrity while emphasizing efforts to achieve security, stability, and prosperity for the Syrian people, the Saudi Press Agency reported. The discussions also focused on preserving Syrian state institutions, enhancing its capabilities, and facilitating its reintegration into the Arab and Islamic worlds, SPA added. Senior Saudi officials including Prince Musab bin Mohammed Al-Farhan and ambassadors Saud Al-Sati and Faisal Al-Majfal were also in attendance.

  • US approves possible sale of torpedoes to Saudi Arabia: Pentagon

    The State Department approves the possible sale of 20 MK 54 MOD 0 Lightweight Torpedoes to Saudi Arabia for $78.5 million, according to the Pentagon. “The proposed sale will improve Saudi Arabia’s capability to deter current and future threats by upgrading its anti-submarine warfare capabilities,” the Pentagon says. Pentagon chief Lloyd Austin has repeatedly reaffirmed to Saudi Arabia’s Defense Minister Prince Khalid bin Salman Washington’s commitment to the Kingdom’s defense and thanked him for Riyadh’s work to promote calm in the Middle East.