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  • 10th Saudi Film Festival Underway
     

    The 10th Saudi Film Festival runs May 2-9 at the King Abdulaziz Center for World Culture (Ithra) in Dhahran.  Debuting in 2008 this year’s edition has two main themes: Indian cinema and sci-fi films.

     
  • PIF and BlackRock Launch $5bn Investment Fund
     

    BlackRock and Public Investment Fund signed a non-binding MOU that calls for the sovereign fund to invest up to $5bn in stages as the new firm hits agreed milestones. Investments will provide capital for a variety of funds invested in public equities and bonds as well as alternative assets.

     
  • Saudi Space Agency and WEF Establish Space C4IR Center
     

    The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Centre for the Fourth Industrial Revolution (C4IR)  focused on space. The Centre for Space Futures, set to open in autumn 2024, will be hosted by the Saudi Space Agency.

     
  • Special World Economic Forum Convenes in Riyadh
     

    The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges.

     
  • Vision 2030 Marks 8th Year Since Launch
     

    Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.

     
  • IMF Launches New Regional Office in Saudi Arabia
     

    The goal of the new office is to strengthen the IMF’s collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration.  It also underscores the growing economic importance of the region.

     
  • Saudi’s Regional Headquarters Program Moves Forward
     

    In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023. 

     
  • EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
     

    The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC.

     
  • Global Defense Spending Spikes in 2023
     

    According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.

     
  • IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
     

    The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]

     

MUST-READS

  • Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal

    The Federal Trade Commission will wave through Exxon Mobil’s roughly $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, a source familiar with the matter told CNBC. The FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, the source said. The agreement will bar Pioneer’s former CEO Scott Sheffield from joining the Exxon board.

  • Blinken says US cannot support Rafah assault without humanitarian plan

    U.S. Secretary of State Antony Blinken said on Wednesday he has still not seen a plan for Israel's planned offensive on the southern Gaza city of Rafah that would protect civilians, repeating that Washington could not support such an assault.
    Blinken and Israeli Prime Minister Benjamin Netanyahu met in Jerusalem for two-and-a-half hours, after which Israel repeated that the Rafah operation would go ahead despite the U.S. position and a U.N. warning that it would lead to "tragedy".

  • Biden faces tough balancing act as campus protests over Gaza escalate

    Escalating campus protests are forcing U.S. President Joe Biden to walk a careful line of denouncing antisemitism while supporting young Americans' right to protest and trying to limit longer-term political damage.
    As violent police crackdowns and counter-protests greet spreading demonstrations across U.S. campuses, Biden faces sharp criticism of his Israel policy from both the left and right.
    Students at dozens of schools have rallied or camped out in recent days to oppose Israel's war in Gaza, demanding institutions stop doing business with companies that support the war.

  • Israeli war cabinet to meet on hostages, Rafah plan on Thursday

    Top Israeli ministers will convene on Thursday to discuss a proposed Gaza truce to free some hostages held by Hamas, as well as prospects for an army sweep of the southern tip of the enclave packed with displaced Palestinians, a government source said.
    Prime Minister Benjamin Netanyahu's war cabinet was provisionally slated to meet at 6.30 pm (1530 GMT), followed by the wider security cabinet, the source said. Israel does not generally publish information on sessions of the two groups.

  • Saudi Arabia foregoes April nuclear bid deadline

    The 30 April bid deadline for nuclear technology providers to submit bids for a contract to build Saudi Arabia’s Duwaiheen nuclear power plant project has passed without any clear indication of a new tender closing date, according to two sources familiar with the project. “The understanding is that the tendering process requires a level of [political] stability in the region. This seems like an automatic postponement for the project tendering process,” one of the sources said.

  • Six years to go, what Saudi Arabia’s Vision 2030 aims to achieve

    Various reforms have been implemented to enhance the business climate, create jobs, and invite investment into the country. Under this initiative, Saudi Arabia is preparing its people for a new world that embraces technology and is ready to face issues such as climate change.

  • Saudi Arabia balks at Israel normalization, floats ‘modest’ defense pact with US: Report

    “Under that option, the US and Saudi Arabia would sign agreements on a bilateral defense pact, US help in the building of a Saudi civil nuclear energy industry, and high-level sharing in the field of artificial intelligence and other emerging technologies,” the British daily reports.

  • Saudi Arabia: High-net-worth Muslims eye luxury homes in holy cities, report finds

    Saudi Arabia's drive to attract expats and boost its real estate market could be turbocharged by a largely untapped demographic in the global south: rich Muslims eyeing homes in Islam's two holiest cities. According to a report published by real estate consultancy firm Knight Frank, despite western media focusing much of its attention on the kingdom's drive to boost luxury beach resort tourism and legalise alcohol, demand for glitzy real estate in Saudi Arabia has surged among Muslim high-net-worth individuals (HNWI)

  • Accenture Graduates first group from its capability hub in Saudi Arabia

    The hub currently offers a rigorous multi-track training program accredited and exclusive to Accenture employees covering various areas such as security, cloud, data & AI, and change management. It is the first step towards launching Accenture LearnVantage Academy Saudi Arabia, which will offer comprehensive technology education and training services to businesses and organisations in Saudi Arabia, allowing them to reskill and upskill their employees and help them reinvent their organisations and achieve greater business value.

  • Senate Democrat raises concerns about US-Saudi nuclear deal

    Sen. Ed Markey (D-Mass.), co-chair of the Nuclear Weapons and Arms Control Working Group, is raising concerns over Saudi Arabia’s intention to pursue a civil nuclear program with the U.S., citing the country’s “appalling human rights practices” and desire for nuclear weapons.