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  • Saudi Arabia will not sell oil to any country imposing price caps, energy minister says

    He said in an interview published in Energy Intelligence on Tuesday that placing a price cap on oil would invariably lead to market instability and he warned of reduction in production. The kingdom is looking to expand production capacity to 13 million barrels per day by 2027.

  • Saudi Aramco posts record ’22 profit on strong oil; sets higher ’23 capex at $45bn-55bn

    Saudi Aramco expects its 2023 capex “to be approximately $45.0 billion to $55.0 billion including external investments, with capex increasing until around the middle of the decade.” In 2022, the company’s actual capex increased by 18% to $37.6bn.

  • Riyadh Expo 2030 bid being assessed as mission visits Saudi capital

    A delegation arrived in Riyadh on Sunday to start a six-day evaluation process of the Saudi capital's candidacy for World Expo 2030. The Bureau International des Expositions (BIE) mission will engage with Saudi ministers, members of government and other experts to evaluate the details of the Riyadh Expo 2030 bid.

  • Riyadh Expo 2030 bid being assessed as mission visits Saudi capital

    A delegation arrived in Riyadh on Sunday to start a six-day evaluation process of the Saudi capital's candidacy for World Expo 2030. The Bureau International des Expositions (BIE) mission will engage with Saudi ministers, members of government and other experts to evaluate the details of the Riyadh Expo 2030 bid.

  • Opinion: A U.S. trump card in Gulf geopolitics: Capacity-enhancing security cooperation

    The US military is working with Saudi Arabia to develop its first-ever long-term national security vision that would codify “the kingdom’s strategic vision for national security and regional security,” according to Gen. Michael ‘Erik’ Kurilla, the top commander of US forces in the Middle East. “Our strategic planners travel to the kingdom regularly to work with Saudi military leaders to build up their ideas for a long-term strategic vision,” Mr. Kurilla said.

  • Saudi Arabia Plans To Create Futuristic Downtown In Its Capital

    The upcoming downtown area, called New Murabba, will include several futuristic features, including a 1,312-foot-high skyscraper filled with holographic projections. Architects and planners estimate that construction will be completed by 2030.

  • Saudi Wealth Fund Unit Backs Emkan Capital’s Technology Fund

    The fund will invest in pre-seed and seed-stage companies with high-growth potential in sectors such as fintech, e-commerce, and logistics, Aloshban said. It will also cover frontier sectors like artificial intelligence, cyber, cloud and health tech across the Middle East, North Africa and Pakistan region. Saudi Arabia’s PIF has been plowing money into tech firms and startups as it seeks to build a venture capital industry and encourage young entrepreneurs to set up their own businesses to diversify the economy and create jobs. It created a $1 billion fund of funds for venture capital firms, and also invests directly through its subsidiary, Sanabil.

  • Navigating the evolving landscape of family offices in the Middle East

    “The Middle East is experiencing a surge in ultra-high net worth (UHNW) individuals, and as a result, the number of family offices in the region is also increasing. According to a recent report by Knight Frank, the UHNW population in the Middle East is expected to soar by 24.6% in the next five years, with Saudi Arabia set to become home to 72 billionaires and the UAE 42, according to the WealthX Billionaire Census. This significant growth in the UHNW population has significant implications for the family office market in the Middle East.

  • Saudi Arabia Wants to Be A Movie Capital. Will Hollywood Go Along?

    Anyone looking for cash needs to get creative. Qatar, Saudi Arabia and the Emirates have all benefited from soaring oil prices and need to deploy their capital across many industries. Private-equity funds, venture capitalists and investment bankers are all spending more time in the Middle East, and Saudi Arabia in particular. (When I called one venture capitalist to pick their brain on this subject, they answered my call from Riyadh, the Saudi Arabian capital.)

  • Saudi Arabia Wants to Be A Movie Capital. Will Hollywood Go Along?

    Anyone looking for cash needs to get creative. Qatar, Saudi Arabia and the Emirates have all benefited from soaring oil prices and need to deploy their capital across many industries. Private-equity funds, venture capitalists and investment bankers are all spending more time in the Middle East, and Saudi Arabia in particular. (When I called one venture capitalist to pick their brain on this subject, they answered my call from Riyadh, the Saudi Arabian capital.)