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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.

  • Saudi Arabia set to extend Spanish Super Cup agreement

    Back in 2020, the Spanish Super Cup was moved to Saudi Arabia after the Spanish Football Federation agreed a contract with the Middle Eastern nation. It has been a very controversial move, although there are no signs of the competition returning to Spanish soil anytime soon. The current agreement between the Federation and Saudi Arabia runs until 2029, but there are already plans for it to be extended. As per Diario AS, talks are underway for the Spanish Super Cup to stay where it is for an extra five years, until 2034. It’s noted that both parties are very satisfied with the current arrangement, despite controversies that took place this week during the semi-finals, which saw the wives of some players being harassed, and the same happening to supporters.

  • 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 Furthermore, several prominent drivers have withdrawn from the race.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.

  • Over 16 million people visit Riyadh Season in 3 months

    Turki Al-Sheikh, chairman of the Board of Directors of the General Entertainment Authority (GEA), revealed that the number of visitors to the Riyadh Season 2024 has so far exceeded 16 million. “Today, we reach 16 million visitors in the Riyadh Season, and the best is yet to come,” Al-Sheikh said in a statement on his X account. The fifth edition of Riyadh Season kicked off on October 12, 2024. This huge jump in the number of visitors came as a result of the large turnout during the mid-semester break, which was a good opportunity to visit the season’s events, especially in light of the distinctive weather experienced by the capital city.

  • 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.

  • Energy minister: Saudi Arabia is keen on enhancing energy cooperation with Greece

    Saudi Minister of Energy Prince Abdulaziz bin Salman said that the electrical interconnection project between Saudi Arabia and Greece confirms the common desire between the two countries to enhance cooperation in the field of energy. "This effort has resulted in the establishment of a special purpose company, the Saudi-Greek Interconnection Company, in addition to the continuous progress in the feasibility study of the project," he said while co-chairing with Greek Minister of Environment and Energy Theodoros Skylakakis on Wednesday the first session of the Energy Committee, an offshoot of the Saudi-Hellenic Strategic Partnership Council. It is noteworthy that feasibility studies for the Greece-Saudi Arabia electrical interconnection, known as the Saudi Greek Interconnection, are currently underway and expected to be completed by the end of 2025. This project aims to link Europe with the Arabian Peninsula for the first time.

  • Lebanese president says Saudi Arabia to be 1st destination for foreign visits

    Lebanese President Joseph Aoun said on Saturday that Saudi Arabia will be his “first destination” for foreign visits after assuming office on Thursday, Anadolu Agency reports. In a statement, the Lebanese presidential palace confirmed that President Aoun had received a phone call from Saudi Crown Prince Mohammed bin Salman. During the call, the crown prince conveyed the congratulations of King Salman bin Abdulaziz on Aoun’s election as the president of Lebanon and extended an invitation for him to visit Saudi Arabia. In response, Aoun confirmed that Saudi Arabia would be his first foreign visit, emphasizing the country’s “historical role in supporting Lebanon” and the importance of Lebanon’s Arab identity in shaping its regional relations.