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  • Saudi and Omani Ministers of Finance Sign MoU Regarding Cooperation in Financial Sector

    His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, and His Excellency the Omani Minister of Finance, Mr. Sultan bin Salem Al-Habsi, signed a Memorandum of Understanding (MoU) to bolster cooperation in financial affairs between the Kingdom of Saudi Arabia and the Sultanate of Oman, on the sidelines of the Board of Governors' retreat of the Islamic Development Bank Group, which was held on January 12, 2025, in Madinah, Saudi Arabia.

  • Dakar Rally in Saudi Arabia: A Tale of Triumph and Adversity

    Since the launch of the Dakar Rally in Saudi Arabia in 2020, each edition has offered renewed excitement and inspiring stories, elevating the competition to new levels. The diverse terrains and varying geographic landscapes have added more intensity and persistent challenges to the event. The sixth edition of the Dakar Rally in Saudi Arabia holds a significant milestone—the absence of Stéphane Peterhansel. Known as a racing legend, he not only clinched the championship in 2021 but also boasts an incredible 14 Dakar victories. This marks Peterhansel's first absence from the Dakar Rally since 1994. Furthermore, several prominent drivers have withdrawn from the race. Spanish driver Carlos Sainz of the Ford Motorsport team, a four-time Dakar champion (two of those titles earned in Saudi Arabia), exited in the third stage. French driver Sébastien Loeb of the Dacia Sandero team also withdrew in the fourth stage after both drivers' vehicles sustained significant damage. These withdrawals, made with a focus on their safety, have heightened the competition among other competitors as they vie for the title of Dakar champion.

  • Saudi Arabia produces over 80% of its vegetable supply; 64% of fruit and 67% of cattle farmed domestically

    Saudi Arabia’s General Authority for Statistics (GASTAT) issued its Agriculture and Fisheries Accounts publication for 2023, showing that reliance on local vegetable production accounted for 80.6 per cent of the total vegetable supply in the Kingdom. Additionally, the reliance on local fruit production reached 63.7 per cent of the total fruit supply, while 14.8 per cent of the cereals supply was covered by locally available production for consumption. The results also showed that the total value of local crop production in the Kingdom reached SR38.332bn ($10.2bn) in 2023.

  • PIF invests $200m in new Saudi ETF by State Street Global Advisers

    Saudi Arabia’s Public Investment Fund has invested $200 million in a recently launched exchange-traded fund that tracks dollar-denominated bonds and sukuk issued by the kingdom’s government and quasi-state entities. The JP Morgan Saudi Arabia Aggregate Bond UCITS ETF, created in mid-December, is the first internationally listed fixed-income Saudi Arabian ETF. As such, it “further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships, increasing international investment in Saudi Arabia”, Yazeed Al-Humied, PIF deputy governor, said in a statement.

  • Saudi PIF on track to reach $2tn in AuM, 2nd-largest globally by 2030

    A report from the firm forecasts PIF will more than double its current AuM value of $925 billion by the end of the decade, and rise from its 2024 ranking of sixth among global state-owned investor funds. According to projections from the institute, PIF’s AuM in 2030 will represent 10.5 percent of the global sovereign wealth funds’ total assets, which are set to reach $19 trillion, as it rises from sixth place. Diego Lopez, founder and managing director at Global SWF, said: “Capital attracts capital — so international financial institutions are attracted in partnering with a player with such a huge balance sheet and role in the economic development.” According to the report, to achieve its ambitious goal of reaching $2 trillion by 2030, the PIF will depend on a combination of strategies. These include oil revenue allocations, which refer to the portion of the Kingdom’s oil earnings transferred to the PIF, debt issuance, and returns generated from its investments.

  • Al-Jasser inaugurates phased operation of Terminal 1 at Riyadh airport

    Minister of Transport and Logistics and Chairman of the Board of Directors of the General Authority of Civil Aviation (GACA) Eng. Saleh Al-Jasser inaugurated on Thursday the phased operation of International Passenger Terminal No. 1 within the expansion and development project of Terminals 1 and 2 at King Khalid International Airport in Riyadh.

  • MENA Countries Face Complex Challenges

    Middle Eastern and North African (MENA) countries confront a complex mix of domestic, regional, and international challenges. The incoming administration of President-elect Donald Trump is expected to bring major changes to US foreign policy towards MENA governments and in terms of American engagement on pressing regional issues. Wealthy and stable MENA countries are cautiously seeking opportunities with international partners outside the volatile region, primarily driven by domestic imperatives. The most dramatic development of late 2024 involved the spectacular collapse of the regime of Bashar al-Assad in Syria, where a rebel offensive led by Hayat Tahrir al-Sham (HTS) toppled his dictatorship after a grueling 14 years of civil war. Syrians now confront the challenges of forming an inclusive and stable government, addressing mounting humanitarian needs, and initiating economic recovery efforts.

  • Riyadh hosts high-level international meetings on Syria’s future

    Key Arab and international figures convened in Riyadh for critical meetings on the future of Syria, focusing on humanitarian and political support one month after the fall of Bashar al-Assad's regime. Saudi Foreign Minister Prince Faisal bin Farhan chaired the Arab foreign ministers’ meeting, which included the Arab League Secretary-General, the Gulf Cooperation Council Secretary-General, and top diplomats from Egypt, Syria, Qatar, the UAE, Jordan, Oman, Lebanon, and Bahrain. Western foreign ministers and the UN special envoy to Syria are set to join the discussions later, alongside the EU High Representative for Foreign Affairs. German Foreign Minister Annalena Baerbock highlighted the opportunity for unified international action to rebuild Syria, calling for a Syrian-led political process.

  • Final draft of Gaza truce deal presented after ‘breakthrough’

    Mediators gave Israel and Hamas a final draft of a deal on Monday to end the war in Gaza, an official briefed on the negotiations said, after a midnight "breakthrough" in talks attended by envoys of both Joe Biden and Donald Trump. The official said the text for a ceasefire and release of hostages was presented by Qatar to both sides at talks in Doha, which included the chiefs of Israel's Mossad and Shin Bet spy agencies and Qatar's prime minister. The official said Steve Witkoff, who will become U.S. envoy when Trump returns to the U.S. presidency next week, attended the talks. A U.S. source said the outgoing Biden administration's envoy Brett McGurk was also there. "The next 24 hours will be pivotal to reaching the deal," the official said, characterising the draft as the outcome of a breakthrough reached in the early hours of Monday.

  • Saudi Arabia Real Estate Boom to Extend Into 2025: CBRE (Video)

    Population growth and influx of foreigners have underpinned a surge in Saudi Arabia’s property market. CBRE expects price growth and rents to increase in 2025, Elias Bou Habib, the firm’s head of consulting for Saudi, told Joumanna Bercetche on Bloomberg TV’s Horizons Middle East & Africa.