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  • SAMA licenses STC Bank to start operations in Saudi Arabia

    The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

  • Steven Gerrard: Al Ettifaq manager leaves role at Saudi Pro League side by mutual consent

    Ex-Liverpool and England midfielder Gerrard, who joined Al Ettifaq in July 2023, signed a two-year contract extension in January 2024 that was due to keep him at the club until 2027. But the 44-year-old leaves the role with Al Ettifaq sitting 12th in the 18-team Saudi Pro League, just five points above the relegation zone. Al Ettifaq have won just five of their 17 league games this season under the ex-Rangers boss, most recently drawing 2-2 with second-bottom side Al Wehda FC.

  • Saudi Arabia’s evolving lending market: Surge in international interest and diversification of borrowers

    In recent years, the Kingdom of Saudi Arabia has implemented large scale regulatory reforms, including the Civil Transactions Law, Bankruptcy Law, Public-Private Partnership Program, and the Government Tenders and Procurement Law. These reforms were designed to enhance the Kingdom’s diversification efforts and attract international business – they have also propelled the country to rank 16th globally on the IMD World Competitive index. Historically, the interest in Saudi borrowing has been predominantly domestic or from the Gulf Cooperation Council (GCC) countries. However, we expect to see a shift in 2025, with a surge in interest from international markets. Several factors contribute to this change.

  • Collector Basma Al Sulaiman on the Future of the Saudi Art Market: ‘We Are Not Just Consumers’

    The Gulf has been a hotbed of cultural investment in recent years. Saudi Arabia, in particular, has experienced a burgeoning museum landscape—both public and private—and cultural events launching as part of its Vision 2030 project, a sweeping plan for diversifying the nation’s economy to be less oil-production reliant. As of last year, projects associated with Vision 2030 have reached $1.3 trillion in value. Part of that plan has included expanding luxury retail as well as arts and culture infrastructure. Last year, Abu Dhabi’s sovereign wealth fund struck a $1 billion deal with Sotheby’s owner, Patrick Drahi, for a minority stake in the firm. Christie’s also recently announced that it is expanding its presence in the Middle East with an outpost in Riyadh, the capital of Saudi Arabia— this will be the house’s second location in the region, alongside its Dubai office, which opened in 2005. The Riyadh location will focus on Modern and contemporary Middle Eastern art, as well as jewelry and timepieces, the house said, aiming to draw the kingdom’s wealthy millennials; Saudi Arabia is one of the world’s youngest countries, with roughly 70 percent of the population under the age of 40.

  • Saudi Arabia says GDP grew 1.3% in 2024, lifted by non oil sector

    Saudi Arabia's economy returned to growth in 2024, with real gross domestic product increasing 1.3% compared to the previous year, preliminary government data released on Thursday showed, with non-oil sector activities lifting overall GDP. GDP growth surged 4.4% in the fourth quarter versus the same period a year earlier, estimates from the General Authority for Statistics showed, the highest quarterly growth rate in two years, with non-oil activity increasing 4.6%. Non-oil growth vastly outperformed overall GDP in 2024 as well, increasing 4.3% while oil activities declined 4.5% and government activities grew 2.6%. The Saudi economy contracted 0.8% in 2023 as oil production cuts and lower oil prices hit growth in the world's biggest crude exporter.

  • Tom McKibbin ignores Rory McIlroy’s advice and joins Saudi-funded LIV Golf

    Tom McKibbin of Northern Ireland has spurned the advice from mentor Rory McIlroy by giving up a PGA Tour card to join Saudi-backed LIV Golf. McKibbin, a 22-year-old who won his only European tour event in 2023, has signed to play with Jon Rahm and his Legions 13 team. LIV Golf starts its season next week in Saudi Arabia. Rahm confirmed the signing in an Instagram post. McKibbin, who grew up on the same course as McIlroy, was the 10th and final player in the DP World Tour points list to earn a PGA Tour card this year.

  • Saudi’s fintech breaks records

    Despite a sharp 44% dip in total funding, Saudi startups pulled in $750 million this year. The dip comes down to a lack of mega deals (those over $100 million). These large funding rounds were behind much of the total capital in recent years, so the absence of mega deals in 2024 weighed heavily on the numbers. The number of deals hit a historic high—178 transactions, up 16% from last year. Early-stage funding led the way, with SEED funding surging 64% and Series A deals growing 30%.

  • Saudi Arabia set to become a key wheat flour exporter if government controls relax further

    Flour mills across the Middle East are bracing for intensified competition from Saudi Arabia in the export market as expectations grow that the government will loosen its control over wheat procurement. "It's quite a concern for us," a UAE flour mill said. "Once public organizations have slowly been turning into the private realm, which means they'll be better managed for profit moving forward." Flour mills in Saudi Arabia procure all their wheat from the government body responsible for food security in the Kingdom of Saudi Arabia, the General Authority for Food Security (GFSA). However, 2025 is expected to be the year when the government's control over wheat purchases comes to an end, which means mills would take charge of imports themselves rather than buying from the GFSA, according to the source.

  • King & Spalding’s Strategic Expansion: Merging with Al Fahad & Partners in Saudi Arabia

    In a landmark move to solidify its presence in the Middle East, King & Spalding, ranked 17th in the 2023 Am Law 100 with a gross revenue of $2.14 billion, has merged with Abdulaziz H. Al Fahad & Partners, one of Saudi Arabia’s most esteemed law firms. The newly formed entity, King & Spalding Al Fahad, is poised to deliver an expansive suite of legal services, aligning with the region’s evolving needs and the ambitious economic transformation under Saudi Arabia’s Vision 2030.

  • Salesforce Expands Presence in Saudi Arabia with New Regional Headquarters in Riyadh

    Salesforce, the world’s #1 AI CRM, today announced plans to expand its presence in Saudi Arabia with a new regional headquarters in Riyadh. Salesforce also announced plans to partner with IBM to open a Center of Excellence in Riyadh. Separately, it pledged to provide upskilling opportunities to 30,000 Saudi citizens by 2030. These investments underscore Salesforce’s growing presence in the region as more companies invest in Agentforce, the digital labor platform for enterprises.