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  • Saudi Prince Alwaleed bin Talal announces reconstruction of Beirut’s Four Seasons

    Saudi Prince Alwaleed bin Talal announced Tuesday that his company would reconstruct Beirut’s Four Seasons Hotel and reopen it by the end of next year, citing the election of a new president and a “new era for Lebanon.” Lebanese lawmakers elected Joseph Aoun as president last week. They designated Nawaf Salam to be prime minister and to form a new government this week, marking the first time a government will be led free of Syrian or Iranian hegemony in decades. “On the occasion of a new era for Lebanon, and under the leadership of His Excellency President Joseph Aoun, I am pleased to announce that the Four Seasons Hotel, Beirut, which Kingdom Holding Co. built, will be entirely reconstructed and refurbished by Kingdom Beirut S.A.L and will reopen to the public in Q1 2026.” Prince Alwaleed said in a statement.

  • Sotheby’s First Saudi Sale Is Led by Magritte, Botero

    Works by René Magritte, Fernando Botero, and Refik Anadol will headline Sotheby’s debut sales event in Riyadh, Saudi Arabia. Featuring around 100 lots, the two-part auction on February 8 will be held at Diriyah, a UNESCO World Heritage site, and include works by canonical artists from the West and pioneering Arab artists, as well as luxury items such as jewelry and watches, handbags, and sports memorabilia. The sale marks the first international auction in the kingdom’s history, according to the auction house. It will be a test of the strength of the Gulf art market amid increasing investment in the region. “Many of the artists that we are bringing have never been exhibited in Saudi before,” said Ashkan Baghestani, the Sotheby’s specialist heading up the sale, explaining that the house wants “to show a new audience what Sotheby’s can offer, giving a taste of the various fields and artists we represent at auction, and giving them exposure on a fresh and exciting platform.”

  • Al-Falih: 571 global companies moved their headquarters to Saudi Arabia

    Minister of Investment Eng. Khalid Al-Falih said that the initiative of moving regional headquarters of global companies to Saudi Arabia is proceeding steadily well in a way accomplishing its goals. “The number of international companies licensed to establish their headquarters and moved to the Kingdom has reached 571, most of which have opened their offices in the King Abdullah Financial Center in Riyadh. The largest share of them are industrial companies, and incentives will be provided to these companies through various programs,” he said.

  • Balancing the Saudi books to improve growth

    In Saudi Arabia’s case, the sovereign balance sheet looks fine and ratings agencies are happy-ish. Public debt is around only 28 percent of GDP and the finance ministry projects that it will climb to about 33 percent by the end of 2027. The US and European states can only dream of such metrics. How about north of 100 percent? But cash management is an issue. Contractors and others are worried about being paid – at least being paid on time. The banks are lending as much as they can to the mega-projects, and state oil giant Aramco is tapping the debt markets as a proxy for the state. Ihsan Buhlaiga, an economist and former Shura Council member, told Nadim Kawach that the kingdom wants to build foreign reserves and prefers not to sell down assets such as those held by the Public Investment Fund.

  • Biden says on ‘brink’ of hostage release/Gaza ceasefire deal

    President Biden, a week before he is due to hand over power, expressed optimism about prospects for at long last reaching a deal for the release of some of the 100 hostages held by Hamas in exchange for Palestinian prisoners held in Israeli prisons, and a phased ceasefire in Gaza. The basic structure of the three phase deal is one the administration has been pursuing for over eight months. “On the war between Israel and Hamas, we are on the brink of a proposal that I laid out in detail months ago, finally coming to fruition,” Biden said in a valedictory foreign policy speech at the State Department today.

  • Saudi Arabia’s Industrial Production Sees Notable Growth: A Comprehensive Analysis

    The Kingdom of Saudi Arabia has reported a significant rise in its industrial production, with the general index of industrial production recording an increase of 3.4% in November 2024, compared to the same period in 2023. According to the data released by the General Authority for Statistics, the industrial production index surged to 103.78 points in November 2024, based on the 2021 base year, compared to 100.37 points in November 2023. This rise is reflective of the steady strides Saudi Arabia is making towards diversifying its economy, as outlined in the Vision 2030 plan, and is indicative of the health of various industrial sectors. The increase in the general index of industrial production can be attributed to growth across several key sectors. Notably, mining and quarrying, manufacturing activities, water supply and sanitation, and waste management and treatment activities have all contributed to this positive trend.

  • Newlab Expands to the Kingdom of Saudi Arabia to Catalyze Critical-Tech Ecosystem and Accelerate Startup-Led Economic Growth

    Newlab Riyadh will attract leading critical-tech startups to KSA and accelerate commercialization outcomes that will translate into measurable economic impact in the Kingdom and broader region. Newlab Riyadh joins Newlab’s growing network of hubs around the world, including Newlab Brooklyn, Newlab Detroit, and Newlab Montevideo. Newlab will establish an initial beta space in Riyadh in 2025 to serve as an anchorpoint for the founding startup ecosystem while commencing development of a larger hub which is slated to open in 2026.

  • Saudi crown prince receives Greek PM in AlUla

    Saudi Arabia’s Crown Prince Mohammed bin Salman received Greek Prime Minister Kyriakos Mitsotakis at the winter camp in AlUla on Monday, Saudi Press Agency reported. The two leaders discussed relations between their countries and ways of developing cooperation in various fields. They also exchanged views on regional and international developments of concern and efforts made with regard to them. Prince Mohammed and Mitsotakis also chaired the Saudi-Greek Strategic Partnership Council during which a number of topics were reviewed.

  • Pakistan, Saudi Arabia finalise Hajj 2025 for 179,210 pilgrims

    The agreement also focuses on providing better facilities for Pakistani pilgrims. Special spaces will be allocated for Pakistani pilgrims at Mina, and the rates will be reduced. The spokesperson added that the Saudi Minister of Hajj has assured full cooperation in providing better facilities for Pakistani pilgrims. To make the Hajj journey more accessible, convenient, and comfortable, a shorter Hajj program of 20 to 25 days has been introduced. Pilgrims will have the option to choose accommodation in Madinah for 4 to 8 days. Each pilgrim will receive a specially designed bag containing a Pakistani flag, a QR code for identification, and relevant information. The Ministry of Religious Affairs spokesperson also mentioned that a special mobile app will provide all information to pilgrims on their mobile phones.

  • UK to sign critical minerals partnership with Saudi Arabia

    Britain will sign a minerals cooperation partnership with Saudi Arabia that could help strengthen supply chains, create opportunities for British businesses and attract investment into the UK, the British government said on Tuesday. Britain needs a secure, long-term supply of critical minerals, such as copper, lithium and nickel, which are used to make smartphones and electric cars, but are also vital to build data centres that help develop artificial intelligence systems. On its part, Saudi Arabia, which estimates the value of its untapped mineral resources at $2.5 trillion, is aiming to become a major global hub for critical minerals trade.