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  • Saudi Hawks captivate audiences for second day at UK air show

    The Saudi Hawks aerobatic team, representing the Royal Saudi Air Force, continued their captivating aerial displays for the second consecutive day of the Royal International Air Tattoo 2023 exhibition, the Kingdom’s defense ministry said on Saturday.

  • Saudi private sector female workforce hits record 900,000

    The number of female Saudis working at the kingdom’s private sector surpassed the 900,000 mark for the first time in May, official figures say. The record number was reached amid robust efforts in Saudi Arabia to empower women and boost their engagement in the job market.

  • Saudi Arabia Pro Football League Open to Foreign Private Equity Deals

    Saudi Arabia is considering a push to attract more outside investors to bolster its top football competition, part of a strategic revamp that’s started with an influx of star players from Europe. The Saudi Pro League is discussing the option of new broadcast deals and partnerships with private equity companies to grow the competition’s appeal as the kingdom works to become a powerhouse in the world of professional sport, according to people familiar with the strategy.

  • Egypt Private-Sector Minimum Wages Hiked Again After Pound Devaluations

    Egypt hiked the minimum wage for private-sector workers for the second time in six months, as a series of dramatic currency devaluations leaves tens of millions of people struggling with soaring living costs. The National Council of Wages approved raising the figure 11% to 3,000 Egyptian pounds ($97.10) per month, Planning Minister Hala El-Saeed said in a statement Tuesday. In December, authorities upped the minimum wage to 2,700 pounds from the level of 2,400 pounds set a year before.

  • Private Sector Investment in Saudi Economy Jumps 104%

    Non-governmental private sector investments in Saudi Arabia’s GDP for the past year increased 22 percent to reach $242 billion. Compared to 2016, investments witnessed a considerable jump, reaching 104 percent, despite the impact of the coronavirus pandemic on economic activities worldwide. The Saudi government is seeking to empower the private sector and raise its contribution to the gross domestic product from 40 to 65 percent as a target for 2030. Saudi Arabia inaugurated the Private Sector Partnership Reinforcement Program (Shareek) to strengthen government and private sector collaboration, which he said would enable private investment of $1.33 trillion until 2030.

  • The Atlantic Council announces 2023 Women Innovators Fellowship recipients from Saudi Arabia, United Arab Emirates, and Bahrain

    The Atlantic Council’s Rafik Hariri Center for the Middle East announced today the eighty-six recipients of its 2023 WIn Fellowships for Saudi Arabia, United Arab Emirates (UAE), and Bahrain. The fellows will receive a year-long program of executive education, mentoring, and networking opportunities in collaboration with Georgetown McDonough School of Business and with the support of the United States embassies in the three target countries and PepsiCo.

  • PIF wary of crowding out Saudi Arabia’s private sector

    “Success is having an ecosystem that doesn’t require capital anymore – it grows on its own,” Todd said. “Getting to the point where in any sector you can just be a passive shareholder, I think, is the ultimate goal.”

  • Saudi Space Commission elevated to Saudi Space Agency, expanding Kingdom’s ambitions

    Saudi Arabia’s Saudi Space Commission has officially been transformed into an agency under the name of the Saudi Space Agency (SSA) following Cabinet approval during a session on Wednesday. “The Council of Ministers resolution to transform the Saudi Space Commission into the Saudi Space Agency reflects the continuous interest in creating a sustainable economic and innovative environment for the space sector and its technologies,” the agency said on its Twitter account after the decision was issued.

  • Schneider Electric to host its first-ever Innovation Summit in Saudi Arabia

    Schneider Electric, a leader in the digital transformation of energy management and automation, will launch its first-ever Saudi Arabia Innovation Summit 2023 on June 13-14 in Riyadh. Reflecting the growing importance of Saudi Arabia on the world stage, Schneider Electric's Global Chairman, Jean-Pascal Tricoire, will join the landmark event. The Saudi Arabia Innovation Summit 2023 builds on Schneider Electric's Middle East Innovation Summit 2022, which brought more than 3,700 delegates together for an open discussion on creating a digital path to a sustainable future.

  • Saudi Arabia revives sports clubs’ privatisation plan

    Saudi Arabia intends to offer several sports clubs for privatisation starting in the fourth quarter, state news agency SPA said on Monday, breathing new life into a plan that forms part of an ambitious economic agenda to reduce reliance on oil. The plan, launched by Saudi Crown Prince Mohammed bin Salman, will approve investments by major companies and development agencies in sports clubs in exchange for ownership transfer, the agency said.