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U.S. and Saudi Arabia enhance energy cooperation agreement
Building on the Partnership for Advancing Clean Energy Agreement signed in Jeddah on July 15, 2022, Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy of Saudi Arabia, met with U.S. Secretary of Energy Jennifer Granholm in Riyadh to set a detailed timeline for collaborative projects.
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Growing Saudi female sports participation triggers retail growth
Writing for Jing Daily, Julienna Law reports that Saudi Arabia’s sportswear and athleisure apparel market is set to boom as women, in particular, become more active in sports.
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Saudi Entertainment Ventures (Seven) and Qiddiya Combine
Seven, a wholly owned public investment fund (PIF) company, has now become a wholly owned subsidiary of Qiddiya to enhance the offerings of both companies and support its wider strategy for the entertainment, leisure and sports sector.
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Fakeeh Care Group 119 times oversubscribed as Saudi IPO market heats up
Investors put in $91 billion of orders for Fakeeh Care Group’s IPO which is set to be the Tadawul’s biggest listing of the year.
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Wamda’s Tawaref Series Provides Blueprint for Expanding in KSA
Wamda has partnered up with Tawaref, a Saudi Arabia-based tech investment community that also provides startup advisory, legal consultancy and due diligence support, to publish a series of articles to help entrepreneurs navigate the Saudi market.
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Johnson Controls Arabia Announces Export of 300 Saudi-Made Scroll Chillers to the United States from KAEC Manufacturing Plant
Johnson Controls Arabia (JCA) hosted an export milestone event at its YORK Manufacturing Complex at the King Abdullah Economic City (KAEC) to mark the company’s latest export achievement of more than 300 Saudi-made YORK Scroll Chillers to the American market during this year, with a total market value of 100 million Riyals in the initial phase, the […]
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Saudi Aramco Expects to Pay Full Dividends Despite Lower Earnings – Report
Saudi Arabia’s Aramco said it expects to pay full dividends to its shareholders, including the Public Investment Fund of Saudi Arabia, “despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold,” Reuters reports.
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Saudi Internet Penetration Reaches 99%
According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively. The report also says that 52.3% of users spend more than seven hours online each day.
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Saudi Car Market: Tops GCC, women purchase 30% of cars sold in 2023
In 2023, Saudi Arabia sold 729,466 cars, a 17% increase from the previous year. The Toyota Yaris was the best-selling car, accounting for 37% of the sales. Car sales are expected to surge to 870,000 this year.
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Nusuk pilgrim card launched
With the 2024 Hajj expected to begin June 14, Minister of Hajj and Umrah Dr. Tawfiq Al-Rabiah released the Nusuk card by presenting its copy to Indonesian Minister of Religious Affairs Yaqut Cholil Qoumas in Jakarta on Tuesday, April 30, during his official visit to Indonesia.
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Hezbollah introduces new weapons and tactics against Israel as war in Gaza drags on
Hezbollah has regularly fired missiles across the border with Israel over the past seven months, but the one on Thursday appears to have been the first successful missile airstrike it has launched from within Israeli airspace. The group has stepped up its attacks on Israel in recent weeks, particularly since the Israeli incursion into the southern city of Rafah in the Gaza Strip. It has struck deeper inside Israel and introduced new and more advanced weaponry.
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Ranked: The World’s 50 Largest Private Equity Firms
In 2023, private equity firms controlled $8.2 trillion in assets globally according to McKinsey & Company, a figure that has rapidly expanded since the industry first emerged 40 years ago. As large investors such as pension funds and insurance companies increasingly look to private markets, these alternative asset managers have seen their assets grow by more than twofold in the last five years.
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This 256 km highway in Saudi Arabia is world’s longest road without a bend
Saudi Arabia's Highway 10 has emerged as the world's longest straight road, surpassing Australia's Eyre Highway, according to the Guinness World Records. This achievement marks a significant milestone in transportation infrastructure, offering travellers an unparalleled journey across vast distances with unobstructed views. This 256-kilometre (159-mile) asphalt stretch cuts through the vast Rub Al-Khali desert, also known as the Empty Quarter, the largest sand desert in the world, without any bends left or right, or any appreciable gradient up or down.
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Saudi experts on urban heritage give lectures in Paris
Experts on urban heritage from Saudi Arabia are giving a series of lectures on the topic at the UN Educational, Scientific and Cultural Organization offices in Paris. Organized by the Saudi Heritage Commission, the program of four lectures explores some of the initiatives developed by the organization and the wider strategies on urban heritage in the Kingdom, the Saudi Press Agency reported. The first lecture delved into material and intangible methods for preserving urban heritage, while the second looked at the development of traditional architecture in Al-Ahsa.
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Commentary: Religious tolerance is at the core of the Gulf’s strategic thinking
It has become fashionable for many modern secularists to demonise religion as being a major barrier to peace. When they learn someone is devout, it often wrongly conjures up images of extreme confessional intolerance, such as the Spanish Inquisition torturing suspected heretics based on flimsy evidence. It is perhaps not a surprise, then, that the significant role religion plays in daily life in Gulf countries – including the political and legal systems – occasionally draws antipathy and hysterically negative media coverage in the West.
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U.S. military completes temporary pier off Gaza; deliveries to start within days
The U.S. Army has completed a temporary pier on a Gazan beach; trucks should begin hauling away the first 500 tons of aid for civilians within days, with thousands more tons in the pipeline, Pentagon officials said Thursday.
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San Remo: The Middle East’s Most Important Treaty You Never Heard Of
A year and half after the end of World War I, the victorious Allied Powers convened at a villa in northern Italy to decide the fate of the defeated Ottoman Empire and redraw the map of the Middle East, which had been part of that empire. The result of this conference was The Treaty of San Remo which was signed on April 24, 1920.
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Opinion: The Gaza Crisis Pushes Washington and Riyadh Closer
Riyadh wants to conclude defense agreements and to advance regional peacemaking, but when it comes to Netanyahu’s government, it has no peace partner. On the contrary, Saudi Arabia must contend with an Israeli leader who has promised to launch an offensive into Rafah, creating the potential for a regional explosion that Iran will exploit. Can Saudi leaders secure and justify some kind of defense agreement with the United States without signaling that they have not turned their back on the Palestinians?
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Zain invests $427mn to expand 5G, digital services in Saudi Arabia
Saudi telco Zain KSA announced plans to invest a total of SAR1.6 billion ($427 million) to expand its 5G network and digital services ecosystem in Saudi Arabia, local press reported. The operator said it will expand its current 5G network coverage to 122 cities across the country.
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The Future of EV Charging: Spotlight on the UAE and Saudi Arabia
KSA has also made several high-profile investments through its sovereign wealth fund, the Public Investment Fund (“PIF”). In 2023, PIF and Saudi Electricity Company established a 75%/25% owned joint venture, the Electric Vehicle Infrastructure Company (“EVIQ”). EVIQ intends to install 5,000+ fast chargers by 2030 in over 1,000 locations across KSA. It also aims to promote private sector participation in the development of this network and support the localisation of research, development, and manufacturing of technologically advanced materials.
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