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  • Saudi-led coalition thwarts Houthi missile and drones attack – media

    The Saudi-led coalition said late on Thursday that it thwarted and destroyed four Houthi explosives-laden drones and a ballistic rocket fired in the direction of the southern Saudi city of Jazan, Saudi state media reported.

  • GAMI and its partners meet with international investors in London

    The workshop was attended by representatives from GAMI, Ministry of Investment, the Saudi Arabian Military Industries (SAMI), the International Defense Exhibition (IDEX), and a number of officials and stakeholders in the industry and investment sectors from the Saudi and British sides.

  • Saudi artist lands prestigious, UK museum-sponsored contemporary art prize

    Saudi artist Ajlan Gharem on Wednesday won the sixth edition of the prestigious Jameel Prize, a leading award for contemporary art and design inspired by Islamic tradition.

  • StanChart to add bankers in sustainable finance, capital markets in Saudi Arabia

    Standard Chartered (STAN.L) is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia, a market it sees will become a "front-runner" for its regional business in coming years, a senior executive said. Standard Chartered this year began offering banking services through its branch in Saudi Arabia with a team of 25 people after it was granted a banking licence in 2019.

  • Saudi HR tech startup Scalers raises $533,000 in seed round

    Scalers identifies Saudis with potential talent in sales and business development, trains them in best practices via world-class instructors, then connects them to employers both within and outside its network. The funds will be used to expand the team, allowing Scalers to increase the number of Saudis it can train, the number of hiring businesses it can support, and the breadth of training subjects it offers.

  • GII to Buy Health Company as Part of $1 Billion Saudi Expansion

    GII, as the firm is known, plans to buy a stake in a Saudi health-care company for around $600 million, co-founder Mohammed Alhassan said in an interview, declining to give specific details. The goal is plow around $1 billion into the kingdom over the next year to 18 months, with investments also targeted at logistics and cloud kitchens. “We go where the money is and where the deals are,” Alhassan said. “We have a lot of faith in Saudi.”

  • Saudi auto loans fall in second quarter amid chip shortage

    Banks in the Kingdom lent SR15.53 billion ($4.14 billion) to consumers to buy vehicles in the three months to the end of June. This was down 0.5 percent in the past year and 1.9 percent lower than the prior quarter, according to data from the Saudi Central Bank (SAMA).

  • Lebanon to start paying cash aid to poor families next month

    Lebanon’s government said Thursday it will start paying cash assistance next month to hundreds of thousands of poor families - in U.S. dollars - as the small nation sinks deeper into its economic crisis. Some 500,000 families will start receiving $20 a month for every family member up to a maximum of six persons, Minister of Tourism and Social Affairs Ramzi Moucharafieh said during a news conference in Beirut. Moucharafieh said the payment will be made in U.S. dollars or the equivalent in Lebanese pounds at the black market rate.

  • Lucid to start manufacturing electric cars in Saudi Arabia in 2024

    The electric-vehicle maker Lucid Group Inc. unveiled plans to start manufacturing its cars in Saudi Arabia in 2024. The EV giant has submitted a request for Saudi model Certificate of Accreditation. This was announced by Saud Al-Askar, deputy governor of the Saudi Standards, Metrology and Quality Organization (SASO). The Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, owns a majority stake in Lucid, whose shares are traded on the US NASDAQ Stock Market last month.

  • Aramco oil pipelines investors to sell at least $4 billion in bonds in fourth quarter – sources

    A consortium led by EIG Global Energy Partners that took a stake in Saudi Aramco’s oil pipelines is preparing to issue at least $4 billion in the fourth quarter to refinance a loan that largely funded the $12.4 billion deal, two sources familiar with the matter said.