MUST-READS

• Saudi Arabia, MBS adamant on Palestinian state before Israel normalization: Blinken

  Saudi Crown Prince Mohammed bin Salman is adamant about having a Palestinian state as part of any deal to establish diplomatic ties with Israel, the top US diplomat has said, adding that this was the key to long-term stability in the Middle East and one that would ensure Israel’s security. Secretary of State Antony Blinken said that a Gaza ceasefire was necessary first. But after that, the focus would need to be on the long-term stability of the region, which would include Israel’s security. “And, of course, the key to that is the normalization of relations between Israel and Saudi Arabia,” he said in an interview with Foreign Affairs published on Wednesday, expressing hope that the incoming Trump administration would get such a deal done. Despite several reports over the last year, including as recently as this week, that Saudi Arabia is willing to ease its demands in exchange for normalization, Riyadh has repeatedly been consistent in its stance demanding a Palestinian state based on the 1967 borders, with East Jerusalem as its capital.

• Mubadala backs US-based AI startup in $600m funding round

  Abu Dhabi’s Mubadala Investment Company is among the investors backing Crusoe, a San Francisco-based artificial intelligence infrastructure provider, in its $600 million funding round. The Series D funding round was led by Founders Fund, with participation from new and existing investors, including Fidelity, Long Journey Ventures, Nvidia, Ribbit Capital and Valor Equity Partners. In June 2022, Mubadala participated in a $350 million series C funding round for US-based Crusoe Energy.

• Saudi Green Initiative 2024 forum, gallery, and talks conclude with impactful outcomes

  The Saudi Green Initiative Forum, Gallery and Talks, held during the sixteenth session of the United Nations Convention to Combat Desertification (UNCCD COP16), concluded successfully in Riyadh. Over the course of two weeks, the Saudi Green Initiative Pavilion saw significant attendance and broad participation from international experts and representatives across various sectors, showcasing the whole-of-society progress on Saudi Arabia’s path to net zero through the circular carbon economy approach. The pavilion also hosted a series of sessions and discussions that explored the many successes that have already been achieved in the fields of emissions reduction, afforestation and ecosystem protection. Held under the theme "Action is in Our Nature," the fourth edition of the Saudi Green Initiative Forum took place on December 3-4, convening 50 speakers across 25 sessions. The Forum engaged an audience of 1,500+ delegates from the public and private sectors, and announced five new initiatives valued at $60 million (SAR 225 million) alongside the signing of 14 Memorandums of Understanding (MoUs).

• Saudi Arabia spends over SAR 500M on mineral exploration: Deputy Minister

  Saudi Arabia is currently spending more than SAR 500 million on mineral exploration, compared to less than SAR 25 million in 2018, with an eye for 50% more year-on-year (YoY) in 2024, said Deputy Minister of Industry and Mineral Resources Khalid Al-Mudaifer. “Spending on exploration activities has grown by 40% YoY from SAR 80 per square kilometer to SAR 300, albeit still below the global average. Thus, we aspire to increase it by 50%, in a bid to align growth with global rates,” he told the press conference on the fourth International Mining Conference. The official also indicated that a total of 70 foreign and local exploration partnerships were established this year. Further, programs and incentives worth about SAR 780 million were created for investors in the exploration domain.

• Saudi Arabia announces Riyadh Declaration for inclusive, innovative and impactful AI for all

  He said the declaration focused on AI with its inclusive, innovative and impactful dimension, and emphasizes the need for use of AI technologies to enable digital access and enhance digital knowledge, as well as address global challenges and unleash global economic value. The declaration also emphasized the AI role in increasing digital accessibility and digital literacy, promoting sustainable development, protecting environment, improving public health, and boosting economic inclusion. Alswaha also pointed out that the Kingdom, under the leadership of the Crown Prince, has adopted a proactive approach in the field of AI, and stressed that the Kingdom's Vision 2030 is clear and based on the commitment to lead the global transformation in this field by example.

• Saudi pharma industry capacity surpasses local demand, targets regional role: Alkhorayef

  Pharmaceuticals are among the key industries prioritized in Saudi Arabia, with the Kingdom's capabilities in this sector surpassing local demand, Minister of Industry and Mineral Resources Bandar Alkhorayef said. Speaking at a press conference today, Dec. 17, in Cairo, Egypt, the minister emphasized Saudi Arabia's efforts to establish itself as a regional hub for pharmaceutical industries to serve the wider region. He underscored the importance of collaboration with Egypt to explore industrial integration in the pharmaceutical sector, leveraging the expertise of both countries and developing joint projects aimed at reducing reliance on imports, particularly for raw materials.

• Post-Assad Syria presents a more complex, nuanced, and urgent challenge to a second Trump administration

  A political transition is currently underway in Damascus, run by Hayat Tahrir al-Sham (HTS) — a group that remains a designated terrorist organization in the United States. Notwithstanding the significant complications that HTS’s role presents, the transition itself has been remarkably efficient, constructive and stabilizing — at least for now. After three days of face-to-face working consultations between Assad’s prior cabinet and the HTS-linked Salvation Government in Damascus, a formal handover has now taken place. Civil servants and public-sector workers are back at work, and Syria’s airports will soon be re-opened. Almost every government in the Middle East now has diplomatic communication with HTS and its transitional body, and Syria’s diplomatic missions are all still at work, having hoisted the green revolutionary flag. Even Assad’s hand-picked ambassador to the United Nations is now issuing formal letters to the UN Security Council under the new HTS-led authority.

• Geostrategic shifts have deepened divisions between Arab Gulf states and Israel, challenging assumptions for Trump II

  The conventional wisdom is that Donald Trump’s second administration will seek to follow the same Middle East playbook as during its first term, emphasizing support for Israel and its anti-Iran coalition with Gulf partners as well as anticipating that Gulf leaders will continue to demonstrate little regard for Palestinian interests while pursuing normalization agreements with Jerusalem. Dramatic shifts in conditions and the balance of power in the region may make that plan inoperable.

• Saudi Healthcare Firm Almoosa’s IPO Draws $46 Billion in Orders

  Saudi Arabia’s Almoosa drew 173 billion riyal ($46 billion) worth of orders from institutional investors for its $450 million initial public offering in the kingdom, in a sign of continued interest in Middle Eastern listings. Almoosa is offering 13.3 million shares, or a 30% stake. At this price, the firm would be valued at 5.62 billion riyals, with the deal on track to be the kingdom’s second largest listing of the year. Almoosa is the latest Middle Eastern listing to garner triple-digit levels of oversubscription, although of late this has not necessarily translated to strong trading performance.

• MHRSD: New salary scale for engineering jobs set to create attractive work environment

  The new salary scale for engineering jobs, which was approved by the Council of Ministers on Tuesday, will take into effect from December 31, 2024. It targets employees of government departments and agencies, who occupy engineering jobs according to the Saudi Standard Classification of Occupations. This is applicable to holders of bachelor's degrees from one of the engineering specializations from Saudi Arabia or accredited universities outside the Kingdom and are on the payroll of the general employee salary scale.

• 10 of 24453 results<< 1 … 62 63 64 … 2,446 >>