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  • Community Jameel Saudi Joins MITs JWEL Network to Launch StartSmart Competition

    Community Jameel Saudi announces its membership in the Massachusetts Institute of Technology’s (MIT) Jameel World Education Lab (J-WEL) network. The pilot innovation cohort is a joint initiative between J-WEL and Community Jameel Saudi, facilitating learnings and programmes supporting entrepreneurial learning and development in settings with growing demand for innovation linked to technology.

  • Minor Hotels seals Saudi partnership

    Minor Hotels, a hotel owner, operator and investor with a portfolio of 530 hotels worldwide, has signed a Memorandum of Understanding with Saudi Arabia’s Tourism Development Fund to develop and operate hospitality and lifestyle projects jointly. The projects will focus on mountain resorts, wellness resorts and urban hotels in Saudi Arabia. The first project under this partnership is expected to be announced during the second half of this year, with multiple projects over the next couple of years.

  • Saudi Arabia Doubles-Down on Investment in Electronic Arts

    Saudi Arabia’s sovereign wealth fund has increased its stake in Electronic Arts, building upon its massive $38 billion already invested in the video game industry. The Kingdom’s Public Investment Fund has increased its shares in Electronic Arts by 55%, going from owning 16.01 million shares to now 24.81 million shares, according to a financial filing observed by Seeking Alpha. EA’s sports titles include Madden NFL, EA Sports PGA Tour, NHL, F1, and FIFA—though future installments of the popular soccer series will be branded as EA Sports FC after EA and FIFA failed to agree to a new licensing agreement.

  • Saudi Arabia Doubles-Down on Investment in Electronic Arts

    Saudi Arabia’s sovereign wealth fund has increased its stake in Electronic Arts, building upon its massive $38 billion already invested in the video game industry. The Kingdom’s Public Investment Fund has increased its shares in Electronic Arts by 55%, going from owning 16.01 million shares to now 24.81 million shares, according to a financial filing observed by Seeking Alpha. EA’s sports titles include Madden NFL, EA Sports PGA Tour, NHL, F1, and FIFA—though future installments of the popular soccer series will be branded as EA Sports FC after EA and FIFA failed to agree to a new licensing agreement.

  • Saudi FM Prince Faisal bin Farhan Al Saud meets German counterpart, Annalena Baerbock, in Jeddah

    Saudi Foreign Minister Prince Faisal bin Farhan Al Saud met his German counterpart, Annalena Baerbock, in Jeddah on Monday, the Saudi foreign ministry wrote on Twitter. The German foreign ministry had said earlier that Baerbock, who will also visit Qatar next, would discuss bilateral issues as well as questions of regional crises with Gulf counterparts.

  • Saudi Arabia to start implementing second phase of annual levy on house workers from May 11

    The Ministry of Human Resources and Social Development (MHRSD) announced the implementation of the second phase of the decision of the Council of Ministers to selectively impose a levy on domestic workers from Thursday, May 11, the Saudi Press Agency reported. Saudi employers will have to pay an annual fee of SR9600 for each house worker if their number exceeds four while expatriate employers will pay the same amount for each worker in excess of two.

  • Lower oil prices push Saudi oil giant Aramco’s first quarter profit down 19%

    Saudi oil giant Aramco's (2222.SE) first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices. Profit still beat analysts' median forecast of $30.8 billion, according to Refinitiv data, and Aramco said the decline was partially offset by lower taxes including in the zakat Islamic tax and a rise in finance and other income.

  • Saudi Arabia Records Slower Economic Growth in First Quarter

    Saudi Arabia’s economy expanded at a slower pace in the first quarter of 2023 as the oil sector grew at its lowest rate in more than a year. Gross domestic product grew an annual 3.9% in the opening three months of the year, according to preliminary data released by the General Authority for Statistics. That compares with 5.5% in the previous quarter.

  • Diriyah Company and Swiss partner Aman unveil two hotels in Saudi Arabia

    Diriyah Company, formerly known as Diriyah Gate Development Authority, has joined with Swiss hospitality brand Aman Group to unveil two projects in Saudi Arabia — Aman Wadi Safar and Janu Diriyah — as part of efforts to develop the area as the kingdom’s fifth giga-project. Located near Riyadh, Aman Wadi Safar will feature 78 rooms, 34 branded residences and amenities such as a spa and dining outlets, according to a statement from Diriyah Company on Wednesday. Janu Diriyah, a hotel from Aman’s sister brand Janu, will be located near the Unesco world heritage site of At-Turaif. It will comprise 120 rooms, a wellness centre and dining outlets, the statement added.

  • Exploring contemporary art scene in Saudi Arabia: Discover 10 top artists

    Saudi Arabia has a rich cultural heritage, and its contemporary art scene has been growing rapidly in recent years. The country is home to many talented artists who have been gaining recognition both domestically and internationally.