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  • Jared Kushner’s Affinity Partners to Acquire Stake in Israeli Firm

    Jared Kushner’s Affinity Partners is acquiring a $150 million minority stake in an Israeli car company, marking the first investment in Israel for the Miami-based private equity firm that is backed by Saudi Arabia’s sovereign wealth fund. Affinity will buy a 15% stake in the closely held S Shlomo Holdings Ltd’s car and credit division, it said in a filing on Wednesday.

  • IMF Executive Board Concludes 2023 Article IV Consultation with Saudi Arabia

    Saudi Arabia was the fastest growing G20 economy in 2022. Overall growth reached 8.7 percent, reflecting both strong oil production and a 4.8 percent non-oil GDP growth driven by robust private consumption and non-oil private investment, including giga projects. Wholesale, retail trade, construction, and transport were the main drivers of non-oil growth. The output gap is estimated to have closed during 2022, with the non-oil growth momentum continuing in 2023.

  • Tech Titans of Saudi Arabia: Top 5 Startups

    In recent years, Saudi Arabia has truly transformed by becoming a hub of innovation and investment, largely driven by the wave of startups. If we look at the numbers, Statista predicts that Saudi businesses are on track for big things. The market is projected to hit a whopping US$28.98 million by 2027, with a solid yearly growth rate of 9.78% from 2022 to 2027. This exponential growth signifies not only the expanding opportunities for startups but also the increased confidence of investors in Saudi Arabia’s potential.

  • Orange to build out smart city platform in Saudi Arabia

    Orange Business has signed a deal with the King Abdullah Financial District Development and Management Company (KAFD DMC) to design, build and run a new end-to-end smart city platform. The work will involve connecting up some existing digital technologies at Saudi Arabia’s KAFD business district, while plugging in some additional AI and data analytics. Orange Business will also provide a range of ‘Digital Master Systems Integration’ services and orchestrate its partner ecosystem – by which it presumably means draft in some additional firms to facilitate the build.

  • Saudi Acwa Power signs hydrogen agreement with Italian partners

    The Saudi-listed Acwa Power developer and investor in power generation signed a Memorandum of Understanding (MoU) with Italian energy major Eni and five other Italian companies to bolster cooperation in renewable hydrogen, as well as water desalination. The agreement was reached on the sidelines of the Saudi-Italian Investment Forum held in Milan on 4 September. Under the terms of the MoU, Eni and ACWA Power will cooperate in renewable hydrogen research and development of sustainable technologies.

  • 8.76 kg of methamphetamine seized as Saudi customs officers thwart two smuggling attempts

    Saudi customs officers have thwarted two separate attempts to smuggle 8.763 kilograms of methamphetamine in the Kingdom, the Zakat, Tax and Customs Authority (ZATCA) said on Monday. In the first incident, 6.497kg of methamphetamine was seized from a car crossing into the Kingdom through the Al-Bathaa bordering crossing on the UAE border. The contraband was found hidden inside a roof cavity of the car. Meanwhile, 2.266kg of methamphetamine was found hidden in the luggage of a passenger arriving at King Khalid International Airport in Riyadh.

  • Red Sea Global partners with Alula to drive collaboration in Saudi Arabian tourism sector

    Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, has entered a new strategic partnership with the Royal Commission for Alula (RCU). RCU is the organization responsible for preserving the heritage-rich area of Alula in the northwest of the Kingdom. The partnership intends to accelerate Saudi Arabia’s growth as an internationally in-demand location for both tourists and investors, supporting both organizations in their ambition to set new global standards in responsible development and fulfil their roles as cornerstones of Vision 2030, the strategic framework to diversify the Kingdom’s economy in sectors including tourism.

  • Chart: Where People Live in Extreme Poverty

    The place where the highest share of people continue to live in extreme poverty is Sub-Saharan Africa. As of 2019, the latest year available with the World Bank, more than a third of people in the region lived below the international poverty line (currently defined as subsisting on $2.15 per day). Some of the countries most affected by this were Madagascar, Malawi, the Democratic Republic of the Congo and South Sudan.

  • Saudi foreign minister meets Tunisian counterpart 

    Saudi Foreign Minister Prince Faisal bin Farhan on Sunday met with Tunisian Minister of Foreign Affairs, Migration and Tunisians Abroad Nabil Ammar in Riyadh.

  • UEFA President rules out Saudi Arabia clubs’ participation in UEFA competitions

    The UEFA President talked to the French press about rumours that Saudi Arabian clubs could participate in the Champions League in upcoming editions. “A media outlet talked about this, without even asking us,” Ceferin said, adding that “only European clubs can participate in the Champions League, Europa League and Conference League.”