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  • Secretary of State Mike Pompeo’s Speaks with Saudi Crown Prince Mohammed bin Salman
     

    Secretary of State Michael R. Pompeo spoke today with Saudi Crown Prince Mohammed bin Salman by phone to discuss several regional issues, according to a statement released by the State Department. Secretary Pompeo “thanked the Crown Prince for Saudi Arabia’s support for northeast Syria’s urgent stabilization needs, its engagement with the Iraqi government, and its […]

     
  • Conflicting Reports on PIF Interest in Massive Tesla Stake
     

    Conflicting reports have surfaced on the interest level of Saudi Arabia’s sovereign wealth fund in purchasing a large stake in Tesla, which could enable the electric car company founded by Elon Musk to go private. Saudi Arabia’s Public Investment Fund (PIF) is “working to be part of any investor pool that emerges to take Tesla private,” Bloomberg News […]

     
  • Higher Oil Prices Push Saudi Quarterly Revenue Up 67%
     

    Saudi Arabia’s second-quarter budget revenue increased 67 percent from the year-earlier period, Bloomberg reports. Revenue climbed to 273.6 billion riyals ($73 billion), boosted by an 82 percent increase in oil revenue; non-oil revenue rose 42 percent to 89.4 billion riyals ($24 billion), while the budget deficit fell to 7.4 billion riyals ($2 billion), according to […]

     
  • Saudi Arabia’s PIF Ups Stake in Tesla, Musk Considers Taking Company Private
     

    Saudi Arabia’s Public Investment Fund (PIF) has bought a minority stake in Tesla at just below 5 percent, Reuters reports, citing a source familiar with the stake. Yesterday, Elon Musk took to Twitter to declare that he wanted to take Tesla private in a deal that would value the company at $70bn. “Am considering taking Tesla private […]

     
  • Report: Saudi-backed SoftBank Earnings Surge on Vision Fund Valuation
     

    SoftBank has reported a 49.2 percent surge in its latest quarterly earnings due in part to a $2.2 billion gain at its tech-focused Saudi-backed Vision Fund, Zawya reports. According to Zawya, the fund’s investment gain was a result of the sale of the Indian e-commerce company Flipkart to US chain Walmart. An increase in the value of the fund’s […]

     
  • Al Widyan is Saudi Arabia’s Next PIF-Backed ‘City Within a City’ Planned for Riyadh
     

    A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News. The development – called Al Widyan – will include residential, commercial, retail and leisure facilities on a 7 million square meter site to the north of the capital, and will […]

     
  • Saudi Ambassador to the US Prince Khalid Bin Salman Visits CENTCOM in Florida
     

    Saudi Ambassador to the United States Prince Khalid bin Salman visited the US Central Command (CENTCOM) headquarters in Tampa, Florida this week to meet with top U.S. military officials and Saudi officers stationed at the facility, Arab News reports. The Ambassador, a former F-15 pilot and tactical intelligence officer in the Royal Saudi Air Force (RSAF), held […]

     
  • Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
     

    SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]

     
  • Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
     

    Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]

     
  • Third Cinema Operating License Awarded in Saudi Arabia as Entertainment Sector Heats Up
     

    Saudi Arabia’s Minister of Information and Chairman of the General Authority for Audiovisual Media Dr. Awwad Al-Awad awarded the third cinema operation license to the Al-Rashed United Group — Empire Cinema as the Kingdom’s entertainment sector heats up. US giant AMC and Dubai-based Vox Cinemas received the first two licenses and have already opened theaters in April […]

     

MUST-READS

  • Snowflake Expands to Saudi Arabia with New Regional Headquarters

    Customers across the Middle East have already been using Snowflake’s AI Data Cloud to discover and securely share data, as well as execute diverse analytic workloads, via Snowflake’s existing regional deployment in Dubai. With the addition of Snowflake’s deployment on Google Cloud in the KSA, regional customers have further flexibility of choice for deployment, and are able to choose a geographical region that best suits their operational needs. Organisations such as Almarai are using Snowflake’s AI Data Cloud to better access data to drive business decision making, all in a secure and governed platform.

  • Top US, Saudi military generals discuss situation in Syria and Lebanon

    The top US and Saudi military generals discussed security and stability concerns in the Middle East, specifically the situation in Syria and Lebanon, according to a Pentagon readout of the call. The Pentagon said that the Chairman of the Joint Chiefs of Staff, Gen. CQ Brown, and Chief of General Staff, Gen. Fayyad Al-Ruwaili, spoke about the importance of peacefully de-escalating tensions in the region. “The two generals spoke about ways to increase the strength of the bilateral relationship between the US and Saudi Arabian militaries, including capacity building, military training, and exercises,” Joint Staff Spokesman Jereal Dorsey said. “More broadly, they expressed a shared commitment to establish a strong coalition of regional partners that presents a powerful front to deter aggression and uphold regional stability.”

  • Qatar, Jordan, Saudi officials hold key talks with Syria’s new leadership

    Top Arab diplomats met with Syria's new leadership in an attempt to discuss rebuilding the war-torn country and future cooperation, with a Qatari diplomatic delegation, headed by the Minister of State for Foreign Affairs, being the latest to arrive in Damascus on Monday. The Qatari delegation's arrival marks the first Qatar Airways flight to land in the country's capital since the overthrow of the Bashar al-Assad regime two weeks ago, according to Qatari Foreign Ministry spokesman Majid Al-Ansari. In a statement on the social media platform X, Majid Al-Ansari announced that the delegation, led by Mohammed Al-Khulaifi, seeks to reaffirm Qatar’s support for Syrian sovereignty, as well as advocating for a smooth and peaceful political transition of power and aiding in the reconstruction of the war-torn nation.

  • Databricks sets up regional hub in Saudi Arabia

    Databricks, the Data and AI company, announced it has launched in Saudi Arabia. By opening a new office, and forming strategic partnerships, Databricks will invest in the future of Saudi Arabia and enable its growing local customer base to combine data, analytics, and AI with the Databricks Data Intelligence Platform. Data-forward organisations in Saudi Arabia are already innovating with the Databricks Data Intelligence Platform, including Abdul Latif Jameel and Panda Retail.

  • Saudi Arabia: Workers entitled to wages in lieu of unused leave

    Saudi Arabia, home to a large community of expat workers, has stressed that employees are entitled to receive wages for the days of due leave if he/she quits work before using them under the kingdom’s labour system. The Saudi labour law also stipulates that the worker has the right to get paid leave of not less than 10 days and a maximum of 15 days, including the Muslim Eid Al Adha holiday, to perform the annual Hajj pilgrimage in and around Mecca once during the time of his service if he/she has not performed the obligatory Islamic duty before. To obtain the Hajj leave, the worker should spend at least two consecutive years working for the same employer, who may determine the number of workers granted this leave annually according to the requirements of the work.

  • From Riyadh Metro to flying taxis: Saudi Arabia’s transport revolution easing commutes

    The Riyadh Metro is opening in three phases. The Blue Line, which is 38 kilometers (24 miles) long, was one of the first lines to partially open, alongside the Yellow and Purple Lines, and runs north to south through Downtown Riyadh. The Red and Green Lines launched on December 15, while the Orange Line is scheduled to open by January 5, 2025. “Alternative means of transport outside of cars are necessary. Riyadh is gridlocked,” Nazar Musa, CEO at Sovereign PPG KSA, told Al Arabiya English. “Public transport solutions are crucial to ease traffic flow around the city.” The entire project features six color-coded lines spanning 176 kilometers with 85 stations, making it one of the largest urban transport projects currently operational in the world. Forty percent of the tracks run underground, facilitating smoother journey times across the Kingdom. The system features 183 train rakes manufactured by Siemens, Bombardier, and Alstom, establishing itself as the world’s longest driverless metro network. The fully automated operation represents a significant technological leap for the region’s public transportation infrastructure.

  • Saudi: Diriyah opens new 157-key Marriott luxury collection hotel

    Diriyah Company announced the opening of Bab Samhan, a luxury collection hotel by Marriott International located on the outskirts of Saudi capital Riyadh. The hotel will feature 134 rooms and 23 suites all conveniently located near the Unesco world heritage site of At Turaif. Announcing the launch, Diriyah said Bab Samhan is the third major landmark asset to be opened in Diriyah, following At-Turaif and Bujairi Terrace. This is a first-of- its-kind hotel in the historic destination developed by the company, with over 40 more planned.

  • US lifts bounty on Syrian rebel leader who helped oust Assad

    American diplomats, on their first visit to the Syrian capital in 12 years, met with a Syrian rebel leader in Damascus today, two weeks after his group ousted Syrian dictator Bashar al-Assad. They said they were lifting a $10 million U.S. bounty on Ahmed al-Sharaa, the leader of Turkish-backed Hayat Tahrir al-Sham (HTS) and now Syria’s de facto interim ruler, after he committed to Syria not being a host for terrorist groups. “Based on our discussion, I told him we would not be pursuing the Rewards for Justice reward offer that has been in effect for some years,” Assistant Secretary of State Barbara Leaf told journalists from Amman, Jordan today, after returning from Damascus with a delegation that included US hostage envoy Roger Carstens and senior State Department Syria advisor Daniel Rubinstein. “The US is committed to working with the Syria people to help seize this historic opportunity,” Leaf said of her meeting with al-Sharaa. “We also discussed the critical need to ensure terrorist groups cannot pose a threat inside of Syria or externally, including to the US and our partners in the region.”

  • Iran’s political map shifts as crises erupt at home, abroad

    Sidelined under conservative Ebrahim Raisi’s presidency (2021-24), Iran’s pro-reform camp is gaining momentum under Masoud Pezeshkian. Amid growing domestic and foreign policy challenges—including an economic crisis and a society on edge over a new hijab law—Reformists are joined by centrists and pragmatic conservatives in pushing back against hardliners. This comes as the question of leadership succession continues to loom large.

  • Saudi Arabia ready to mine the future as it looks beyond oil

    The kingdom remains heavily reliant on oil revenues to fund government spending and push forward with large infrastructure projects planned under its Vision 2030 strategy, announced in 2016 and aimed at refocusing its economy away from oil. However, the kingdom is about to make a substantial investment in its mining sector, banking on growing demand for energy transition minerals such as lithiumcobalt and nickel, as well as gold and some rare earth metals. “Mining is a small industry now, but we are looking to quadruple the size of the sector by 2030, and we are already hitting the targets we set for 2025,” said Khalid Saleh Al-Mudaifer, His Excellency Vice-Minister for Mining Affairs, Ministry of Industry and Mineral Resources, Kingdom of Saudi Arabia. According to Saudi Arabia’s National Centre for Industrial and Mining Information, the country’s mineral wealth was estimated at SR9.4trn as of April 2024. Its non-oil sectors accounted for more than 50% of GDP for the first time in 2023, up from 47.4% in 2015.