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  • Saudi Arabia’s Hevolution Foundation commits millions to transform healthspan research

    Saudi Arabia’s billion-dollar-a-year healthspan initiative, the Hevolution Foundation, has unveiled a sweeping portfolio of grants and investments spanning three continents to fuel transformative breakthroughs in healthspan - or healthy aging - science. This week the Kingdom is hosting more than 3,000 attendees for its second-ever Global Healthspan Summit - designed to foster a healthier aging future – and is pledging hundreds of millions of dollars to accelerate discoveries toward therapeutic interventions specifically targeting healthspan. He said, “Just over a year ago, we met right here in this building, in this location, and launched the first-ever Global Healthspan Summit to be held in the world. Today, we are the second largest funder of geroscience and aging biology on the planet.”

  • Saudi Arabia contradicts Trump, vows no ties with Israel without creation of Palestinian state

    Saudi Arabia's foreign ministry said in a statement on Wednesday that the country rejects any attempts to displace the Palestinians from their homeland, stressing that its position on the Palestinians is not up to negotiation. The statement noted that Saudi Crown Prince Mohammed bin Salman has affirmed the kingdom's position in "a clear and explicit manner" that does not make other interpretations possible under any circumstances.

  • Saudi Arabia reaffirms unwavering stance on Palestinian state, rejects any political bargaining

    In a statement on Wednesday, the Ministry of Foreign Affairs reiterated that the Kingdom's commitment to Palestinian statehood is deeply rooted and unshakable. "This firm stance was explicitly affirmed by Crown Prince and Prime Minister Mohammed bin Salman during his address at the opening of the first year of the ninth session of the Shoura Council on September 18, 2024. In his speech, the Crown Prince made it clear that Saudi Arabia will not establish diplomatic relations with Israel unless an independent Palestinian state is established, with East Jerusalem as its capital." Saudi Arabia also firmly rejected any actions that undermine Palestinian rights, including Israeli settlement expansion, land annexation, and any attempts to forcibly displace Palestinians from their homeland. The Kingdom called on the international community to take decisive action to alleviate the dire humanitarian conditions faced by the Palestinian people, who continue to stand resilient in defense of their land and rights.

  • Saudi crown prince holds telephone call with UAE president

    Saudi Crown Prince Mohammed bin Salman phoned the President of the United Arab Emirates Sheikh Mohamed bin Zayed Al-Nahyan on Tuesday. During the call, the two leaders reviewed relations between their countries and areas of existing cooperation and opportunities for developing them, Saudi Press Agency reported. Prince Mohammed and Sheikh Mohamed also discussed the latest regional and international developments and efforts made toward them to achieve security and stability.

  • Saudi-GCC non-oil commodity exports soar to $2.5bln

    The total non-oil commodity exports, including national exports and re-exports, between Saudi Arabia and GCC states surged to hit SAR9.5 billion ($2.5 billion) in November 2024, reflecting an estimated annual growth of 43% from the previous year's figure of SAR6.624 billion ($1.76 billion). The total commodity imports amounted to approximately SAR5.663 billion, according to the preliminary data from the General Authority for Statistics' international trade report for November 2024. The Saudi non-oil trade balance recorded a surplus with the GCC states amounting to SAR3.718 billion, bringing the total to SAR3.805 billion. This marks an annual growth estimated at 4,277.7% compared to the same period in 2023, when the surplus was SAR86.9 million, stated the offical data.

  • Distinguishing Myth From Reality: Saudi Arabia’s Trade and Investment With the United States

    Verifying the numbers quoted by Trump, Al-Jadaan, and Crown Prince Mohammed Bin Salman is not easy. Definitions are not always clear, data on Saudi investment in the United States is not comprehensive, and there are errors and omissions in the Saudi balance of payments data that could mean its imports are underrecorded. With these constraints in mind, the following is a best effort at pulling together the relevant information on U.S.-Saudi trade and investment relations to see which numbers stand up to scrutiny and which do not.

  • Saudi Arabia increases defense spending to $78B in 2025

    The Kingdom of Saudi Arabia has allocated $78 billion for defense spending in 2025, up from $75.8 billion spent in 2024, Governor of the General Authority for Military Industries (GAMI) Ahmad Al-Ohali said in a statement Saturday. “The Kingdom allocated approximately $78 billion to the military sector in the 2025 budget, which constitutes 21% of total government spending and 7.1% of Saudi Arabia’s gross product,” he said, according to the statement. The statement further noted that the Kingdom has witnessed a 4.5 percent annual defense growth since 1960, adding that it has become the fifth largest defense spender worldwide and the largest in the Arab world.

  • Saudi Arabia Defers $1.2B Oil Payment By Pakistan

    Pakistan has signed an agreement with the Saudi Fund for Development to defer a $1.2 billion payment on the country's oil imports by one year, the office of Pakistan's prime minister said on Monday. "This project will strengthen Pakistan's economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens," Prime Minister Shehbaz Sharif’s office said when welcoming the signing of the oil import financing facility. Pakistan has been experiencing an economic crisis since 2022, characterized by high inflation, high debt, job cuts, and a struggling fiscal position. At some point the country was facing a severe shortage of foreign exchange reserves and risked defaulting on its debt obligations.

  • Saudi Arabia champions youth as it drives talent development to fuel Vision 2030

    Figures from the General Authority for Statistics released in 2023 show that 63 percent of the Kingdom’s population is under 30 years old, and the government and private sector are working hand-in-hand to shape the coming era. “Digital literacy is essential, as technological advancements require the younger generation to not only be proficient in the latest advancements but also drive innovation in areas like AI and data analytics,” Riyadh Al-Najjar, PwC Middle East chairman and Saudi Arabia country senior partner, told Arab News.  He added: “An entrepreneurial mindset is equally important, as the success of Vision 2030 relies on growing the private sector. Young people need to be able to spot opportunities, think critically, and solve problems that add value to the economy.”

  • Saudi-PIF backed Umm Al Qura moves ahead with IPO to support $26bn Masar project in Makkah

    The IPO proceeds are to be deployed for funding the infrastructure, land settlements, and development of the MASAR Destination, a major Makkah redevelopment project valued at $26.66 billion (SAR 100 billion). The company said it plans to offer 130.8 million new shares, or 9.09 per cent of its post-increase capital, Reuters reported. Spanning 1.2 million square meters, MASAR aims to enhance Makkah’s infrastructure with hotels, residential units, retail spaces, and cultural centres, according to its website. The Saudi Exchange granted conditional approval on December 8, 2024, while the Capital Market Authority (CMA) approved the company’s IPO on December 24, 2024, allowing it to raise funds for land settlements, infrastructure, and project expansion.