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  • Department of Defense Unveils Comprehensive Recommendations to Strengthen Foreign Military Sales

    Today, Secretary of Defense Lloyd J. Austin III approved a tasking memo from the Department of Defense (DoD) Foreign Military Sales (FMS) Tiger Team that highlights six key FMS pressure points and directs implementation of recommendations to improve and accelerate the Department's institutional processes to execute FMS cases. The efforts of the Tiger Team and the Department's commitment to improve the FMS system advance the direction of the 2022 National Defense Strategy to break down barriers to working with allies and partners.

  • Saudi Arabia and South Korea launch $160 million startup fund

    To enhance startup support and investment cooperation, South Korea and Saudi Arabia have announced the creation of a joint fund worth $160 million (approximately 208.4 billion won). The establishment of this fund is a follow-up measure to the “MOU for Investment Cooperation and Startup Support between South Korea and Saudi Arabia,” which was signed during a visit by Crown Prince Bin Salman of Saudi Arabia to Korea in November of the previous year. The signing ceremony took place at the Crown Plaza Hotel in Riyadh, Saudi Arabia. Minister Lee Young attended it from the Ministry of SMEs and Startups and Yousef Al Benyan, Chairman of the Board of Directors of Saudi Small and Medium Business Bank. The joint fund was established by investing $10 million (13 billion won) in an existing fund worth $150 million (195.4 billion won), in which Saudi Arabia is a major investor. An additional $160 million (208.4 billion won) was raised, with participation from Saudi Venture Investment (SVC) and Saudi National Wealth Fund (PIF Jada).

  • China and Saudi Arabia are part of a multipolar world order: Minister

    Saudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. “This is, in a way, a multipolar global order that has emerged — it’s not emerging. China is a significant player in it,” Al-Falih told CNBC’s Dan Murphy during the Arab-China Business Conference in Riyadh Tuesday, now in its 10th year. A multipolar world in this context signifies a global system that isn’t dominated by the West or defined as a struggle between two major powers, as it was during the Cold War.

  • I work in Syrian civil society. There were gaps in our performance after the February 6 earthquake

    Syrian NGO offices are mostly concentrated in areas where the earthquake struck, such as Turkey’s Gaziantep and Hatay provinces. Some NGO employees and their families ended up becoming victims as a result. Others suffered from instability. Despite this, they arranged their affairs within a short period and designed the required response for the affected people in northern Syria.

  • Saudi Arabia is requiring companies to establish headquarters in the kingdom. That strategy may pay off. 

    The Saudi government requires foreign companies to reinvest some of their profits in society, as well as train and transfer knowledge to locals. As former US National Security Advisor Stephen Hadley explained to me: “Companies that want to be successful in Saudi Arabia need to make sure their plans align with the objectives of Vision 2030 in terms of creating jobs and training people, because that’s what the country’s leadership is looking for. Fortunately, this is something American companies are very good at.”

  • Blumenthal launches probe into PGA Tour-LIV partnership

    While the deal was announced last Tuesday, there are still unanswered questions and unsettled issues surrounding the agreement, and the surprising partnership could face hurdles, including obtrusion from Congress. The PGA Tour’s policy board will need to approve the final framework of the agreement and it also might need to pass muster with the Justice Department, which had launched an investigation last year into the PGA Tour over potential antitrust violations.

  • Saudi Arabia is requiring companies to establish headquarters in the kingdom. That strategy may pay off. 

    Albright Stonebridge Gulf Cooperation Council Regional Manager Imad Al-Abdulqader explained to me that: “The government sees this as a long-term effort, and wants to shift decision-making personnel to Saudi Arabia because it believes that if senior company leaders live there, this will allow them to see the opportunities and grow their business in a way that benefits the companies and the country instead of what is seen currently as a transactional relationship for many companies that have benefited from government procurement for decades despite hardly any economic footprint in the country.”

  • Chart: The Countries Expanding Their Nuclear Arsenal

    Released today, the latest figures from SIPRI reveal an annual increase in the global number of stockpiled nuclear warheads. As this infographic shows, China is at the forefront of this upwards tick, adding an estimated 60 weapons to its collection of deployed or stored nukes between January 2022 and January 2023.

  • Opinion: Saudi Arabia’s high-profile sports blitz is off to a mixed start

    Setbacks notwithstanding, Saudi Arabia is set to make a continued splash with its high-profile, well-funded sports initiative that also includes the hosting of multiple global and regional events such as this year’s FIFA Club World Cup, the 2027 Asian Cup, and chess, boxing, and horseracing tournaments as well as potential bids for the acquisition of Formula 1 and World Wrestling Entertainment.

  • Startup Riyadh Air plans trio of new plane orders – CEO

    Saudi Arabia's new airline Riyadh Air is in the midst of a three-part inaugural fleet acquisition including ongoing talks with Airbus (AIR.PA) and Boeing (BA.N) to buy a significant number of narrow-body jets, Chief Executive Tony Douglas said. The creation of a second Saudi national airline, with industry veteran Douglas as its CEO, was announced alongside an order for up to 72 Boeing 787s in March, as the kingdom moves to diversify its economy and serve over 100 destinations by 2030.