MUST-READS

• Saudi quick commerce startup Ninja, by HungerStation’s founder, in talks to raise at $1B+ valuation: report

  Ninja, a Saudi quick commerce startup founded and led by Ebrahim Al-Jassim, the founder of HungerStation is in talks to raise fresh funds at a valuation of over $1 billion, Bloomberg reported on Tuesday. The round, according to the report, could be finalized and closed as early as this month, and is being led by Riyad Capital, the investment arm of Riyad Bank, one of Saudi Arabia’s largest banks. While it launched 1957 Ventures last year to focus on fintech, this investment will likely come from its main entity due to the round’s large size. The firm is is also behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia, a Saudi technology investment and development company, in 2016.

• US officials planning to meet with Ukrainian counterparts in Saudi Arabia

  Senior Trump administration officials are planning a meeting with their Ukrainian counterparts in Saudi Arabia next week, to begin discussions about a cease-fire to end the country’s war with Russia. Special envoy Steve Witkoff, who confirmed Thursday that planning was underway, will be part of the U.S. delegation alongside Secretary of State Marco Rubio and national security adviser Mike Waltz.  “The idea is to get down a framework for a peace agreement and initial cease-fire,” Witkoff told reporters outside the White House.  Another administration official, granted anonymity to discuss plans that are not yet public, confirmed that the meeting has been under discussion and is “possible.” One aspect of the meeting that remains unsettled, Witkoff said, was the city in Saudi Arabia where the meeting could take place.

• Saudi Arabia’s General Entertainment Authority Chief Forges ‘Landmark’ Boxing Promotion Partnership With TKO and Saudi’s Sela

  Turki Alalshikh, the chairman of Saudi Arabia‘s General Entertainment Authority, has forged a multi-year boxing promotion partnership with U.S. sports and entertainment conglomerate TKO and Saudi sports marketing company Sela in what is being touted as a landmark deal. He is the mastermind behind the “Day of Reckoning” boxing matches held in Riyadh involving huge names such as Anthony Joshua and Deontay Wilder. Over the past few years Alalshikh has been behind Saudi Arabia’s large investments in many other sports as well, including soccer, golf, Formula 1 and, most recently, tennis.

• Diriyah Art Futures Reflects Growing Saudi Investment in Digital Art

  Located prominently on King Faisal Road in Al Bujairi, Diriyah, just northwest of Riyadh, is the vast new 129,000 square foot Diriyah Art Futures institute. Inaugurated in December 2024, the new media arts center is dedicated to the rapidly expanding genre of digital art and is among the first institute of its kind in the Middle East and North Africa. Developed by Saudi Arabia’s Ministry of Culture, Diriyah Art Futures highlights the kingdom’s growing interest and investment in art and culture involving new technology and artificial intelligence. Haytham Nawar, director of Diriyah Art Futures and former chair of the arts department at the American University in Cairo, said the exhibition is significant because “it provides a historical overview” of digital art. “In Saudi, there is knowledge of the history of computational art, especially the usage of AI and generative art,” added Nawar. “What it does is connect international artists in the field with those working in Saudi.”

• PIF and Goldman Sachs Asset Management sign an MoU to partner on investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. The MoU would further strengthen the domestic asset management industry and encourage regional and international managers to expand their presence in Saudi Arabia. Asset management is part of PIF’s wider efforts to diversify the Saudi economy and enhance local capital markets.

• PIF and Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia.

• Commentary: Saudi Arabia’s rise signals decline of Europe’s geopolitical centrality This article was published in thejakartapost.com with the title “”. Click to read: https://www.thejakartapost.com/opinion/2025/03/03/saudi-arabias-rise-signals-decline-of-europes-geopolitical-centrality

  It signals a shift away from Europe’s centrality in diplomacy and fits well with Trump’s broader policy of bilateral, pragmatic diplomacy that prioritizes economic and geopolitical gains. The US-Russia discussions in Saudi Arabia also indicate Trump’s strategic use of Saudi Arabia to secure swift diplomatic wins, furthering his domestic and international standing. Trump’s choice of Riyadh for the Ukraine peace talks also shows that Saudi Arabia has strategically positioned itself as a neutral intermediary, leveraging its strong relations with global powers including the US, Russia, China and European nations.

• Hegseth Welcomes Saudi Defense Minister to Pentagon, Underscores Partnership

  Defense Secretary Pete Hegseth today highlighted the importance of the partnership between the U.S. and Saudi Arabia while hosting that country's defense minister during a bilateral engagement at the Pentagon. Referencing the cooperation that took place between the countries during Trump's first administration, Hegseth pointed out that both nations worked together to pursue security and stability in the Middle East, as well as to combat terrorism in the region and increase mutual prosperity. "Today, our relationship is a critical center of gravity in a very turbulent world," he added.  Stating that ending the war in Ukraine is one of the president's top priorities, Hegseth said he wanted to thank the Saudi Kingdom for hosting conversations between top U.S. and Russian officials in Riyadh, Feb. 18, 2025.  "And I also want to continue deepening and strengthening our partnership to pursue security and prosperity for both Americans and Saudis. So, I'm very much looking forward to a great discussion," Hegseth said.

• Saudi FM meets with counterparts on sidelines of G20 meeting in Johannesburg

  Saudi Foreign Minister Prince Faisal bin Farhan met with his counterparts from the UK, China, Australia, and France separately in Johannesburg on Thursday. On the sidelines of a meeting of G20 foreign ministers held for the first time in Africa, Prince Faisal discussed regional and international developments with British Foreign Secretary David Lammy. With Chinese Foreign Minister Wang Yi, Prince Faisal discussed intensifying coordination on issues of common interest.

• Saudia and Saudi Research and Media Group Announce a Strategic Partnership

  Saudia, the Kingdom of Saudi Arabia's national flag carrier, has announced a strategic partnership with Saudi Research and Media Group (SRMG), the largest integrated media group in the Middle East and North Africa. This collaboration aims to offer a selection of the group's curated and premium content, including original productions, exclusive documentaries, and cultural and entertainment programs tailored for guests worldwide, to Saudia's BEYOND in-flight entertainment system.

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