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  • Alat, a Company Created by the Public Investment Fund of Saudi Arabia, Has Become a Strategic Corporate Partner of EvoNexus

    EvoNexus is California’s premier non-profit technology incubator with locations in San Diego and Irvine. Alat, a PIF company, will create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics. Alat will focus on seven key Strategic Business Units: advanced industrials, semiconductors, smart health, smart appliances, smart devices, smart buildings, as well as next generation infrastructure and create products both for Saudi Arabia and the world. In December, EvoNexus and Alat entered into a strategic corporate partnership.

  • Oil Updates — crude retreats on demand concerns after Fed signals slower easing ahead

    Oil prices fell in Asian trade on Thursday after the US Federal Reserve signaled it would slow the pace of interest rate cuts in 2025, which could slow economic growth and reduce fuel demand. Brent futures fell 47 cents, or 0.6 percent, to $72.92 a barrel by 8:15 a.m. Saudi Time. US West Texas Intermediate crude fell 39 cents, or 0.6 percent, to $70.19. The declines reversed most of the benchmark contracts’ gains from Wednesday when prices settled higher as US crude stocks fell and the US Federal Reserve cut interest rates by 25 basis points as expected. Prices weakened after US central bankers issued projections calling for two quarter-point interest rate cuts in 2025 on concerns about rising inflation. That was half a point less than they had anticipated as of September.

  • Saudi commission registers 13,040 new sites of historical importance

    Saudi Arabia’s Heritage Commission has registered 13,040 new urban sites, increasing the total number of documented sites with cultural and historical importance to 17,495 in various regions. The commission’s National Urban Heritage Register includes a list of urban sites that manifest a “lasting testament to the kingdom’s historical narratives for future generations,” the Saudi Press Agency reported. According to SPA, the most recent registered sites are 1,950 in Riyadh, 3,273 in Madinah, 1,531 in Al-Baha, 1,525 in Hail, 1,400 in Qassim, 972 in Aseer, 571 in Makkah, 363 in Al-Jouf, 351 in Jazan, 200 in Najran, 107 in Tabuk, 35 in the Northern Borders, and 762 in the Eastern Region.

  • From Riyadh to the world: How Turki Al-Sheikh is transforming Saudi Arabia into a global entertainment hub

    Al-Sheikh has revitalised boxing in ways once thought impossible. He bankrolled high-profile fights and broke through negotiation stalemates between the various boxing promoters who control the sport by offering unprecedented sums of money thanks to the deep pockets of the Saudi state. He was even able to secure a heavyweight showdown between Tyson Fury and Oleksandr Usyk – the first undisputed heavyweight title bout of this century. Riyadh has now been the site of several major boxing events that have reshaped the sport. The British newspaper 'The Telegraph' crowned al-Sheikh as "the most influential man in boxing," and fans and media have affectionately dubbed him "His Excellency."

  • Newly appointed Saudi consuls general take oath before foreign minister

    The newly appointed Saudi consuls general who took the oath of office are the following: Mohammed Al-Otaibi (Mashhad, Iran); Mazen Al-Hamli (Hong Kong); Mohammed Al-Subaie (Karachi, Pakistan); and Majed Al-Zuwaimel (Frankfurt, Germany). They will assume office as heads of the Saudi consulates general in the respective countries. They took the oath by saying: “I swear by God Almighty to be loyal to my religion, then my King, and my country, not to divulge any of the State’s secrets, to preserve its interests and regulations at home and abroad, and to perform my duties with honesty, integrity, and sincerity.”

  • Saudi Crown Prince Mohammed bin Salman discusses Syria and Gaza with Iraqi PM

    The meeting focused on strengthening bilateral ties between the nations, the Saudi Press Agency reported. Mr Al Sudani stressed the importance of maintaining the unity of Syrian territory, adding that any future governance should include all Syrian people. He said Iraq was willing to work with neighbours to help establish security and stability, the Prime Minister's office announced on Facebook. Gaza was also a point of discussion, with the leaders highlighting the importance of efforts to reach a ceasefire and the need to strengthen relief work, the Iraqi statement said. It said they talked about “the need to uphold and sustain the ceasefire in Lebanon, and working to ensure adherence to the agreed terms”.

  • Blinken hopes Trump picks up work on Saudi-Israel deal

    US Secretary of State Antony Blinken on Thursday voiced hope that President-elect Donald Trump will pick up his work to normalize ties between Saudi Arabia and Israel, acknowledging a historic deal will not happen under Joe Biden's administration. Blinken until recently was still voicing hope at reaching an agreement, which he had dangled as an incentive for Israeli Prime Minister Benjamin Netanyahu to show moderation in the Gaza war. "The work that we've done on putting in place the elements of that deal, including what we and Saudi Arabia would do together, what they would do with Israel, all of that is now there," Blinken said in an interview with MSNBC. "My hope is we'll move as far as we can, but it won't be complete," he said. "But we'll be able to hand it over, and then the next administration can decide how it wants to proceed."

  • Final Real Estate Transaction Tax Law Published in Saudi Arabia

    On 11 October 2024, the Real Estate Transaction Tax (RETT) Law in Saudi Arabia (RETT Law) was published in the official gazette. The RETT Law will take effect in 180 days from the publication date. New implementing regulations are also expected to be issued within this timeframe to replace the existing implementing regulations. RETT was introduced in Saudi Arabia in October 2020, through implementing regulations and applies on the sale or transfer of real estate property in the Kingdom of Saudi Arabia (KSA) at the rate of 5%. Notwithstanding applicable exemptions, all real estate property transfers, including indirect transfers, should fall within the scope of RETT, regardless of the form or use of the real estate property.

  • Top US officials in Damascus to meet new Syrian rulers, State Department says

    Top diplomats from the Biden administration are in Damascus on Friday to meet new Syrian authorities led by Hayat Tahrir al-Sham (HTS), a State Department spokesperson said, the first in-person and official meeting between Washington and Syria's de-facto new rulers. The State Department's top Middle East diplomat, Barbara Leaf, Presidential Envoy for Hostage Affairs Roger Carstens and newly appointed Senior Adviser Daniel Rubinstein, who is now tasked with leading the Department's Syria engagement, are the first U.S. diplomats to travel to Damascus since Syria's opposition militias overthrew oppressive President Bashar al-Assad. The visit comes as Western governments are gradually opening channels to HTS and its leader, Ahmed al-Sharaa, and start debating whether or not to remove the terrorist designation on the group. The U.S. delegation's travel follows contacts with France and Britain in recent days.

  • Lawsuit alleges U.S. failed to evacuate Palestinian Americans trapped in Gaza

    Nine Palestinian Americans sued the U.S. government on Thursday, alleging that it had failed to rescue them or members of their families who were trapped in Gaza where Israel's war has killed tens of thousands and caused a humanitarian crisis. The lawsuit accuses the State Department of discriminating against Americans of Palestinian origin by abandoning them in a war zone and not making the same effort that it would to promptly evacuate and protect Americans of different origins in similar situations.