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  • Saudi Arabia cleared to buy over 1,000 TOW missiles by US State Department

    Saudi Arabia has requested to buy 507 TOW 2A radio frequency (RF) (BGM-71E-4B-RF) missiles (including seven ‘fly-to-buy’ missiles) and 507 TOW 2B RF (BGM-71F-3-RF) missiles (including seven ‘fly-to-buy’ missiles). The following non-Major Defense Equipment is also included in the deal: support and test equipment; simulators; generators; integration and test support; spare and repair parts; communications equipment; software; facilities and construction support; publications and technical documentation; and various aspects of engineering, logistics, technical, training and programme support.

  • Saudi Arabia’s Neom Welcomes First Guests to Sindalah Island

    Situated to Saudi Arabia’s northwest, five kilometers off the coast, the luxury resort of Sindalah spreads itself out across over 9 million sqft. Its position at the top of The Red Sea ensures this new destination is only 17 hours by sea from key Mediterranean ports. Vital given that Sindalah will be looking to capture some of the yachting crowd that has traditionally headed to the Caribbean during winter.

  • Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan

    Saudi Arabia’s Public Investment Fund (PIF), managing assets exceeding $900 billion, announced plans to reduce its foreign holdings from 30 per cent to 18-20 per cent, while intensifying its focus on domestic projects. The announcement came during the eighth Future Investment Initiative summit in Riyadh on Tuesday, often referred to as “Davos in the Desert.” “AI could add nearly $20 trillion to the global economy by 2030,” Al-Rumayyan stated, highlighting Saudi Arabia’s ambition to become a global AI hub. The fund is reportedly in early discussions about a potential AI partnership worth up to $40 billion with venture capital giant Andreessen Horowitz.

  • NEOM Sindalah: Saudi Arabia opens new luxury island resort in Red Sea

    NEOM has launched Sindalah, its first destination and a showcase of Saudi Arabia’s tourism ambitions, located 5km off the NEOM coastline in the Red Sea. The 840,000-square-metre island, which was announced by Mohammed bin Salman, Crown Prince and Chairman of the NEOM Board of Directors in December 2022, marks NEOM’s first completed project.

  • Saudi Arabia’s Largest PropTech Hackathon Set for Cityscape Global 2024

    ROSHN Group, Saudi Arabia’s premier real estate developer and a Public Investment Fund (PIF) company, has unveiled plans for Hackathon 24, the Kingdom’s largest property technology competition. Aimed at strengthening Saudi Arabia’s position as a leader in PropTech, the event will be a highlight at this year’s Cityscape Global in Riyadh from November 11th to 14th.

  • High expectations, new players expected to take part in Saudi Arabia’s FII

    “We see some new big players coming to FII for the first time, and these people are the tech guys. So, you see people from Google, Microsoft, and IBM who were not really present before because they thought that FII would be just a world of bankers and private equities. Now we see the tech companies coming, which is great for us,” Attias said.

  • Saudi Arabia opens NEOM’s luxury island Sindalah

    Saudi Arabia’s futuristic mega-city NEOM announced on Sunday the opening of Sindalah, a luxury Red Sea island featuring restaurants, hotels and yachting berths. NEOM described Sindalah as its “first physical showcase” that “will serve as NEOM’s gateway to the Red Sea, providing easy access for European, Saudi, and GCC yacht owners.” Sindalah is “spread over 840,000 square meters” (200 acres) and will be set to receive “up to 2,400 guests per day by 2028,” the statement said.

  • Why Saudi Arabia is emerging as key exit market for start-ups

    In the first half of this year, Saudi Arabia's share of exits rose to 20 per cent, compared with 12 per cent in 2021, says Philip Bahoshy, chief executive of data platform Magnitt. Last year, the kingdom witnessed a total of nine exits, accounting for 21 per cent of the Mena region's M&A transactions and ranking second after the UAE. Start-ups usually take an average of seven years to exit, he adds.

  • Renard back to coach Saudi Arabia after Mancini exits

    Herve Renard was hired to coach Saudi Arabia for a second time on Saturday, two days after the departure of Roberto Mancini. ’m back,” Renard said in a social media video posted by the Saudi Arabia Football Federation. The Frenchman most recently coached France women to the Paris Olympics quarterfinals. He was previously in charge of Saudi Arabia from 2019-23, a tenure that included a famous 2-1 win over Argentina at the 2022 World Cup in Qatar.

  • Saudi Arabia imposes SR300,000 fine and 5-yr jail for abusive behaviour in workplaces, schools and places of worship

    Fines of up to 300,000 Saudi riyals or imprisonment for up to five years will be imposed on anyone found guilty of abusive behavior in workplaces, schools, or places of worship, the Saudi Public Prosecution announced in a statement on its official account on X (formerly Twitter). The Public Prosecution emphasised that any harmful actions in these environments constitute a criminal offence, reiterating the importance of enforcing the Protection from Abuse Law.