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Saudi Family Office Mithaq Capital Buys Majority Stake in Struggling Retailer Children’s Place
Saudi Arabia’s Mithaq Capital, a family office owned by the Al Rahji Family, snapped up shares in struggling children’s retailer The Children’s Place to take a majority stake in the company, Semafor reports.
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House Prices in Riyadh Continue Climb into Record Territory — Knight Frank Report
Global real estate consultancy Knight Frank released today its Winter 2023/24 Saudi Arabia Residential Market Review, available now on the company’s website.
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A Look at Saudi Arabia’s Latest Tourism Figures
Tourism minister Ahmed bin Aqeel Al Khateeb recently revealed Saudi Arabia’s latest tourism figures — key numbers for the Kingdom as it looks to diversify its economy in part by attracting visitors to the Kingdom.
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Discussing Saudi Arabia’s growth and construction projects with Waleed Abdel-Fattah, President of the MENA Region at Hill International
Waleed Abdel-Fattah, President of the MENA Region at Hill International, joins The 966 to talk about Saudi Arabia’s building boom and Hill’s traction in KSA since entering the market to help build out what is now known as KAFD. Hill has 100 offices across 42 countries, and its main geographical areas are the US, Europe […]
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Saudi Arabia Leads Arab Push for Palestinian State as Anger over Israel’s Brutality Mounts in East and West
Saudi Arabia is pushing for Arab states to take “a common position on how to end Israel’s war on Hamas as fears grow over its attacks on the refugee haven of Rafah — while increasing calls for an independent Palestinian state,” Bloomberg reports.
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Local content rate seen at 43% in Saudi Arabia with a 20% jump in spending – PIF
The growth rate of local content in Saudi Arabia has now reached 43 percent, a top PIF official noted at the Private Sector Forum in Riyadh yesterday, noting that overall spending on content has increased by 20 percent.
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2nd PIF Private Sector Forum Concludes; Expands Private Sector Interaction with PIF Portfolio Companies
Saudi Arabia concluded its second edition of the “PIF Private Sector Forum” in Riyadh, an event that brought together stakeholders from the PIF and its portfolio companies to engage directly with private sector companies at the King Abdulaziz International Convention Center in Riyadh.
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Fitch Affirms Saudi Arabia at ‘A+’ with Outlook Stable
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, the ratings agency said. “Saudi Arabia’s ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers […]
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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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Kingdom Launches ‘Alat’, A New Effort to Transform Saudi int Electronics and Advanced Industries Hub
Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Thursday the launch of a new Public Investment Fund company called “Alat,” which will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics, Saudi Press Agency reported.
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MUST-READS
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China vs. U.S.: Who’s Winning Hearts and Minds?
The U.S. is currently beating China in the competition for leadership approval in much of the world. But, as a new Gallup report shows, this approval can depend a great deal on who is in power. Based on relative net approval scores, the U.S. enjoyed an advantage in 81 out of 133 countries that Gallup surveyed in 2023, while China had an advantage in 52. The United States' net approval advantage was largest in Kosovo at +154 points (+78 U.S. net approval and -76 Chinese net approval). China’s advantage was largest in Russia at -132 points (-82 U.S. net approval and +50 Chinese net approval). In any country, net approval of the U.S. minus net approval of China results in a relative net approval score between 200 and -200. A score of 200 means everyone approves of U.S. leadership and disapproves of Chinese leadership, while a score of -200 indicates the opposite. A score of 0 suggests parity, where the U.S. and China share the same net approval score.
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Biden warns Netanyahu against major Rafah offensive as divide between the 2 leaders grows
President Joe Biden on Monday urgently warned Israeli Prime Minister Benjamin Netanyahu against launching an offensive in the southern Gaza city of Rafah as the divide between the two leaders continues to grow along with the mounting Palestinian death toll. The call between Biden and Netanyahu came as Israel appeared to be moving closer to a major military operation to root out Hamas militants in Rafah — something that Biden and his top aides have repeatedly told Israeli officials will only lead to more death and worsen the despair in the war-ravaged territory.
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Hamas responds to ceasefire deal; Israel strikes in eastern Rafah
While Hamas today said it had accepted a three-phase ceasefire/hostage release deal, Israel called Hamas’ proposal insufficient and said that it was proceeding with targeted military operations in eastern Rafah. It said it would, however, send a low-level delegation to Cairo to continue negotiations. A White House official said that Hamas had proposed some amendments to an April 26 draft negotiated by Egypt, the United States, Israel, and Qatar.
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Israeli military takes control of vital Rafah crossing from Gaza into Egypt
The Israeli military seized control of the Rafah border crossing between the Gaza Strip and Egypt on Tuesday and its tanks pushed into the southern Gazan town of Rafah after a night of air strikes on the Palestinian enclave.The Israeli offensive took place as mediators struggled to secure a ceasefire agreement between Israel and its Hamas foes and as the conflict entered its 8th month.The Palestinian militant group said late on Monday it had agreed to a ceasefire proposal but Israel said the terms did not meet its demands.
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Gulf Artists Make a Splash at the Diriyah Contemporary Art Biennale
The second Diriyah Contemporary Art Biennale, which opened in Riyadh February 20, comes to a close in late May after a busy and popular run. Featuring 177 works by 100 international artists, the show, “After Rain,” reflects “a sense of revitalization and renewal, calling to mind the refreshing scent of the air when rain has fallen,” according to the print catalogue. Metaphorically echoing ideas of regeneration and change in Saudi Arabia’s social and cultural developments, the show’s theme also more literally contemplates the necessity of water for all life on Earth and the relationship of this resource to the desert environment of Saudi Arabia and other countries.
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F-15EX ‘Dogfights’ Eurofighter, Rafale Aircraft For Big, Fat Saudi Deal; Can Boeing Outdo Airbus & Dassault?
With three options on the table, there is also conjecture that the kingdom might take the Qatar route and make its fleet more diverse by adding Rafales to the mix of its existing fleet comprising the F-15SA and the Eurofighter Typhoons. Although the officials in the kingdom have not officially acknowledged their interest in the French Rafale or the Airbus Eurofighter, a potential acquisition of either of these fighters may come as yet another setback to the US arms industry, which is believed to be steadily losing ground to European and even Chinese and Russian arms manufacturers in the Middle Eastern region.
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Saudi Arabia’s private sector workers grow to 11.3M in April
The total number of workers in the Saudi private sector reached 11.27 million in April 2024, the National Labor Observatory said. The total number of nationals working in private-sector entities stood at 2.36 million in the same month, of which male and female workers accounted for 1.39 million and 970,240, respectively. Meanwhile, the number of expats working in the private sector reached 8.92 million. Meanwhile, a total of 18,540 Saudis joined the private sector workforce for the first time.
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U.S. Shuffles Military Assets in Middle East After Gulf Pushback
The U.A.E. informed the U.S. in February that it would no longer permit American warplanes and drones based at Al Dhafra air base in Abu Dhabi to carry out strikes in Yemen and Iraq without notifying Emirati officials ahead of time. That has prompted U.S. commanders to send the additional aircraft to Al Udeid air base in Qatar, the small Persian Gulf monarchy that hasn’t imposed similar restrictions, U.S. officials said.
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Cristiano Ronaldo closes in on Saudi record after scoring perfect hat-trick for Al Nassr
Cristiano Ronaldo scored a perfect hat-trick on Saturday evening to continue his prolific season as Al Nassr thrashed Al Wehda 6-0 in the Saudi Pro League.
Already clear in the SPL's top scorer standings, Ronaldo took his tally to 32 goals in 31 games – and 41 in 40 matches in all competitions – with his 66th career hat-trick.
Ronaldo opened the scoring at Al Awwal Stadium in the fifth minute when Wehda goalkeeper Munir Mohamedi's poor clearance found the Nassr captain on the edge of the area. The Portuguese forward brought the ball into the box and curled a right-footed effort into the bottom corner.
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Saudi Arabia’s Flyadeal considering new Airbus jet order amid route expansion plans
Saudi Arabia's budget airline Flyadeal is considering placing an order for more single-aisle Airbus aircraft and upgrading its existing order of 50 narrow-body jets, as it seeks to grow its international route network.
Flyadeal, an all-Airbus fleet operator, is looking into converting its existing order of A320 Neos and A321 Neos to higher specification aircraft, Steven Greenway, the new boss of the no-frills carrier, told The National.
The potential modification will increase the maximum take-off weight, improve the performance of the jet engines and secure the so-called ETOPS certification that allows for longer flights over water.
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