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  • 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,” […]

     
  • Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
     

    In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.

     

MUST-READS

  • Hans Grundberg: Mediation in Yemen

    Well, there's nothing that says that the United Nations has a monopoly on mediation, but there is an advantage of having the United Nations as the mediator. The reason is that you get some long-term approach from the United Nations. You get an organization that will engage on a certain conflict with a long-term vision in mind. That won't change depending on the situation in the world. But also, the additional value that you have using the United Nations as a mediating entity is the fact that it's the only universal intergovernmental organization there is. With that comes a certain relative impartiality. I say “relative” because impartiality will always be contested, but you will not find a party that is more impartial than the United Nations. When I mediate, I represent the global community.

  • U.S. urges Hamas to take ceasefire deal as Blinken lands in Israel

    The White House urged Hamas and its interlocutors to accept a “fresh” proposal that would in its first phase free three dozen vulnerable hostages during a 40 day Gaza ceasefire, and said the United States would serve as one of the guarantors of the deal. “This is a…really good proposal and Hamas ought to jump at it,” National Security Council spokesperson John  Kirby told reporters on a zoom today (April 30). “And time is of the essence.” “Our focus right now is on getting a ceasefire and hostages home,” Secretary of State Antony Blinken told reporters in Amman, Jordan, today before flying to Israel. “That is the most urgent thing, and it’s also I think what is achievable.”

  • Mosaic sells Saudi JV stake to Ma’aden in $1.5 billion deal

    US fertilizer company Mosaic (NYSE: MOS) is selling its 25% stake in an $8 billion Saudi Arabian phosphate production joint venture to the country’s flagship miner Ma’aden, in a stock deal worth about $1.5 billion.

    Ma’aden, which already holds 60% of Ma’aden Wa’ad Al Shamal Phosphate Co. (MWSPC), will issue about 111 million shares to buy Mosaic’s stake in the venture, a partnership that also includes Saudi Basic Industries Corp, with a 15% interest.

  • BlackRock to launch Saudi investment firm after $5bn deal with Riyadh

    BlackRock has struck a deal with the Saudi Arabian government to open a multi-class investment firm in Riyadh, anchored by a $5bn mandate from the kingdom’s Public Investment Fund. BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager. Riyadh-based professionals will manage funds that invest primarily in Saudi Arabia but also the rest of the Middle East and north Africa. The goal is to attract additional overseas capital to Saudi Arabia and deepen its capital markets through a range of investment funds managed by BlackRock.

  • Saudi Arabia will ‘downscale’ some Vision 2030 projects like Neom amid ‘challenges,’ minister says

    Officials said in a press release that the credit line will support Neom's short-term financing requirements, including the development of Trojena, The Line, and the luxury island destination Sindalah. Neom's CEO, Nadhmi Al-Nasr, said: "This new credit facility, backed by Saudi Arabia's leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program."

  • Saudi Film Festival 2024 unveils its celebration of cinema

    The Saudi Film Festival has unveiled exciting details about its upcoming tenth edition, which will take place from 2 to 9 May. The event has been organised by the Cinema Association and King Abdulaziz Center for World Culture (Ithra) and looks set to be a showstopper. Saudi Film Festival 2024 takes place at Ithra Center in Dharan, Dammam. This year’s edition will showcase the best of Saudi and international cinema — with a special focus on Science Fiction Cinema.

  • Judge dismisses lawsuit against Saudi Arabia over 2019 Navy station attack

    A Florida judge has dismissed a lawsuit against Saudi Arabia over a 2019 mass shooting at the Pensacola Naval Air Station that killed three US service members and wounded several others.

    U.S, District Judge M. Casey Rodgers ruled last month that Saudi Arabia is protected from the lawsuit under the Foreign Sovereign Immunities Act, which limits court actions against foreign governments. The plaintiffs, who are relatives of those killed and wounded, are planning an appeal.

  • Saudi Arabia And EU Forge Energy Cooperation At World Economic Forum

    During the World Economic Forum held in Riyadh, HRH the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, engaged in bilateral discussions with European Commissioner for Energy, Kadri Simson. The focus of their meetings revolved around enhancing energy and clean technology cooperation to fortify bilateral relations and advance the objectives set forth by the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai the previous year.

  • Uganda to get $295m loan from Saudi’s Islamic Development Bank

    The money will finance construction of a bridge crossing the River Nile in northwest Uganda and roads totalling 105 kilometres, according to the ministry.

  • Videos: Saudi Arabia hit by heavy rains, widespread flooding reported, more rains forecast in Medina

    Heavy rains and thunderstorms have lashed Saudi Arabia over the past 24 hours, causing widespread flooding and significant damage.

    Amidst the downpour, visitors at the Prophet’s Mosque in Medina were seen enjoying the rain and engaging in prayer, embracing this natural occurrence with a sense of reverence.