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  • Saudi Arabia Doubles-Down on Investment in Electronic Arts

    Saudi Arabia’s sovereign wealth fund has increased its stake in Electronic Arts, building upon its massive $38 billion already invested in the video game industry. The Kingdom’s Public Investment Fund has increased its shares in Electronic Arts by 55%, going from owning 16.01 million shares to now 24.81 million shares, according to a financial filing observed by Seeking Alpha. EA’s sports titles include Madden NFL, EA Sports PGA Tour, NHL, F1, and FIFA—though future installments of the popular soccer series will be branded as EA Sports FC after EA and FIFA failed to agree to a new licensing agreement.

  • Saudi Arabia to start implementing second phase of annual levy on house workers from May 11

    The Ministry of Human Resources and Social Development (MHRSD) announced the implementation of the second phase of the decision of the Council of Ministers to selectively impose a levy on domestic workers from Thursday, May 11, the Saudi Press Agency reported. Saudi employers will have to pay an annual fee of SR9600 for each house worker if their number exceeds four while expatriate employers will pay the same amount for each worker in excess of two.

  • Saudi Arabia Records Slower Economic Growth in First Quarter

    Saudi Arabia’s economy expanded at a slower pace in the first quarter of 2023 as the oil sector grew at its lowest rate in more than a year. Gross domestic product grew an annual 3.9% in the opening three months of the year, according to preliminary data released by the General Authority for Statistics. That compares with 5.5% in the previous quarter.

  • Diriyah Company and Swiss partner Aman unveil two hotels in Saudi Arabia

    Diriyah Company, formerly known as Diriyah Gate Development Authority, has joined with Swiss hospitality brand Aman Group to unveil two projects in Saudi Arabia — Aman Wadi Safar and Janu Diriyah — as part of efforts to develop the area as the kingdom’s fifth giga-project. Located near Riyadh, Aman Wadi Safar will feature 78 rooms, 34 branded residences and amenities such as a spa and dining outlets, according to a statement from Diriyah Company on Wednesday. Janu Diriyah, a hotel from Aman’s sister brand Janu, will be located near the Unesco world heritage site of At-Turaif. It will comprise 120 rooms, a wellness centre and dining outlets, the statement added.

  • Exploring contemporary art scene in Saudi Arabia: Discover 10 top artists

    Saudi Arabia has a rich cultural heritage, and its contemporary art scene has been growing rapidly in recent years. The country is home to many talented artists who have been gaining recognition both domestically and internationally.

  • Iran, Saudi Arabia resume bilateral trade as part of rapprochement

    Minister of Industry, Trade and Mining, Reza Fatemi Amin, said in statements cited by state news agency, IRNA, that the entry of Iranian goods into Saudi Arabia was "on the agenda". He added that his Ministry has begun the process of exporting goods to Saudi Arabia in line with agreements reached between the two sides in recent months. Last month, Tehran and Riyadh agreed to revive relations after seven years, with China brokering the final round of marathon talks.

  • Inaugural Islamic Arts Biennale in Saudi Arabia extended until May

    Saudi Arabia's Islamic Arts Biennale has been extended by another month. The inaugural event, held at the Hajj Terminal of the King Abdul Aziz International Airport in Jeddah, will continue until May 23. It will allow more visitors to see about 280 Islamic cultural artefacts on display and the more than 50 new commissions and contemporary artworks by new and seasoned regional artists.

  • The Cultural Spaces Shaping Saudi Arabia’s Blossoming Art Scene

    As the kingdom’s burgeoning art scene gains regional and global momentum, the spaces shaping this pivotal cultural moment become integral to its survival. From art galleries and collaborative spaces, local and regional artists are carving out spaces for an emerging narrative, deeply rooted in the kingdom’s artistic heritage and loaded with contemporary and futuristic elements.

  • Saudi Arabia investing millions in Israeli startups

    IVC Research Center founder and chairman and Giza venture capital founder and chairman Zeev Holtzman adds, "Saudi involvement in top Silicon Valley funds has been an open secret in the industry, but it is limited and does not exceed a few percent of the capital invested in these funds. Executives of these funds took part in exclusive conferences organized in Saudi Arabia and the UAE and became sought-after lecturers there."

  • Saudi Arabia PIF Unit AviLease Vies for StanChart Leasing Arm

    AviLease, owned by Saudi Arabia’s Public Investment Fund, is among suitors competing to acquire Standard Chartered Plc’s aviation finance business, people familiar with the matter said. The fledgling Riyadh-based jet lessor is one of several parties that were shortlisted to proceed to the second round of bidding for the unit, the people said, asking not to be identified as the discussions are confidential.