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  • Saudi Arabia’s Sovereign Wealth Fund Trims Nintendo Stake Again

    The Public Investment Fund cut its position in the the Kyoto-based games company to 6.3% from 7.5%, according to a filing to Japan’s Finance Ministry. That follows a sale of more than 17 million shares over a six-week period to October. The Saudi fund, which manages about $930 billion in assets, remains one of Nintendo’s biggest shareholders, according to data compiled by Bloomberg.

  • Saudi Arabia prioritizes sports for NEOM plans as costs balloon, sources say

    Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project's longtime CEO.Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project's longtime CEO. "When the (NEOM) project was first pitched as an idea, costs were $500 billion. However, The Line alone was going to cost over a trillion which was why it's been scaled back," one consultant with knowledge of the matter said.

  • Commentary: Saudi Arabia’s ruler used to be one of Trump’s biggest fans. This time it’s complicated.

    "Gulf Arab states have concerns about Trump being unpredictable and the risks of having him back in the White House," Giorgio Cafiero, CEO of consultancy Gulf State Analytics, told Business Insider. Of particular concern, said Cafiero, is the fear that Trump could inflame the Middle East at a time when it is on the brink of all-out regional war. "His first administration had a highly Israel-centered foreign policy in the region and there are many open questions about how he'll approach the wars in Gaza and Lebanon after his second term begins in January 2025," he added.

  • Diving in Saudi Arabia: Discover the Red Sea’s Newest Dive Haven

    The Red Sea has attracted many scuba enthusiasts, may they be diving out of Aqaba in Jordan, Eilat in Israel or the dive centers of Egypt’s Sharm El-Sheikh, Hurghada or Dahab, home of the famed Blue Hole. In Saudi Arabia, where the Red Sea meets over 1,200 miles of its western shoreline, scuba diving isn't new to locals. However, international travelers like myself are only now discovering the recreational diving scene in this Middle Eastern kingdom, because historically, it hasn’t always had its doors open to tourism.

  • Saudi Arabia Solar Photovoltaic Industry Research Report 2024-2029: Saudi Vision 2030 – A Catalyst for Booming Solar PV Industry Amidst Oil Dependency Reduction

    The Saudi Arabia Solar Photovoltaic Market was valued at USD 3.92 Billion in 2023, and is expected to reach USD 44.89 Billion by 2029, rising at a CAGR of 49.87%. The Saudi government has implemented various incentives, such as subsidies, tax benefits, and funding programs, to encourage the adoption of solar energy. These measures reduce the financial burden on businesses and households, making solar PV installations more attractive. Additionally, the decreasing cost of solar technology, driven by advances in manufacturing and economies of scale, is making solar PV systems more affordable. This trend is further supported by ongoing research and development in solar technologies, which enhances efficiency and reduces costs.

  • Saudi Arabia’s transport authority suspends 3 apps for violations

    The three applications used within the online hail and ride and delivery services sectors lacked licenses from the relevant authorities and failed to follow regulations, the Saudi Press Agency reported on Wednesday. The transport authority said that two of the suspended applications provided transportation services for passengers while the third was active in the delivery sector. It added that digital applications should obtain licenses to run on the country’s cyber network.

  • Saudi Arabia and Iran explore prospect of strengthening defense ties

    Saudi Chief of the General Staff Gen. Fayyadh Al-Ruwaili discussed on Sunday with his Iranian counterpart Maj. Gen. Mohammad Bagheri opportunities to strengthen bilateral relations between the two countries in the military and defense fields, in a way that contributes to enhancing security and stability in the region. The meeting was held during Al-Ruwaili's visit to Tehran based on the directives of the Saudi leadership. This was also within the framework of the "Beijing Agreement" that aims to bring the two countries closer and raise the level of coordination and cooperation, in a way that fulfills their common interests.

  • Struggling Australia and Saudi Arabia play a crucial Asian World Cup qualifier

    Australia hosts Saudi Arabia in a crucial World Cup qualifier at Melbourne on Thursday while Japan and South Korea can take a big step towards North America in 2026 when the third round of Asian qualifying reaches the halfway stage. With only the top two teams from each of the three groups of six progressing automatically to the expanded 48-team tournament, Australia and Saudi Arabia both have only five points from four Group C games, five behind leaders Japan. The sputtering form of the two teams has already resulted in coaching changes since the third round began. Graham Arnold stepped down as Socceroos head coach in September and was replaced by Tony Popovic while Saudi Arabia fired Roberto Mancini in October after a 0-0 draw with Bahrain in Jeddah.

  • Saudi Arabia Kicks Off Carbon Trading to Unlock Financing

    Saudi Arabia started a carbon-trading market, launching the program a day after climate negotiators secured a major breakthrough by agreeing rules for a United Nations-administered global emissions market. Over 2.5 million tons of carbon credits will be auctioned on the kingdom’s Regional Voluntary Carbon Market Co. exchange from Tuesday, according to a statement. The trading will help fund climate projects across the global south and also support Saudi Arabia net zero goals, it said.

  • UK Nears Free Trade Agreement With Gulf Countries Including Saudi Arabia

    The UK is in the final stages of negotiating a free trade agreement with a group of oil-rich Middle Eastern nations including Saudi Arabia, according to several people familiar with the matter. A deal with the six-member Gulf Cooperation Council is a priority for the government of Prime Minister Keir Starmer as it looks to boost economic growth and attract foreign investment, and may be signed as early as this year, said UK and Gulf officials, who asked not to be identified as the information is private. The UK’s trade with the bloc, which also comprises the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, is worth $73 billion (£57 billion) annually, according to the UK government. It sees an FTA boosting trade by around 16% and the UK economy by $2.1 billion in the long term.