First foreign firm takes ownership of Saudi football club
The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatization initiative of Saudi Vision 2030."
Under US takeover plan, Palestinians will have no right of return to Gaza: Trump
Trump told Fox News Channel’s Bret Baier that "I would own it" and that there could be as many as six different sites for Palestinians to live outside Gaza -- under the plan which the Arab world has rejected.Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.Saudi Arabia says no Israel normalization without Palestinian state
Riyadh, Saudi Arabia - Saudi Arabia said Wednesday it will not formalize ties with Israel unless a Palestinian state is established, after Israel's prime minister remarked that he thought normalisation with the Gulf kingdom was "going to happen"."Saudi Arabia will continue its relentless efforts to establish an independent Palestinian state with...OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies have cut supply by almost six million barrels per day (bpd) since 2022. The OPEC+ alliance has repeatedly postponed putting some of the withheld barrels back on the market.Syrian President’s first foreign trip to Saudi Arabia signals Syria’s shift away from Iran’s influence.
Syrian President Ahmed al-Sharaa met Saudi Crown Prince Mohammed bin Salman in Riyadh, marking his first foreign visit and signaling Syria’s realignment towards the Gulf after the overthrow of Bashar al-Assad.‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson, Chair of Jacksonville Global Shapers tells TRENDS in an interview.WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to the World Economic Forum (WEF) Annual Meeting 2025 said today.Calling for global collaboration to shape a prosperous future, Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah,...Syria, Iran, Saudi Arabia, and Palestine test Washington’s strategy under Trump leadership
The Trump administration faces a Middle East shaped by shifting alliances, unresolved conflicts, and evolving regional priorities, demanding a measured strategy to balance stability, diplomacy, and U.S. interests.Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov 2023, according to the kingdom's ]General Authority for Statistics (GASTAT).This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities.Furthermore, the...Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in 2024, witnessing a total VC deployment of $750 million (SAR2.8 billion).The "2024 Emerging Markets Venture Capital Report", published today by the venture data platform MAGNiTT, said the Kingdom secured the...Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic Bank, with total 2024 bond funding reaching $50 billion, according to a Bloomberg report.PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the sum of $7 billion as part of its medium-term capital raising strategy. The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said...Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, dropped to 58.4 points in December 2024.The latest reading indicated a significant improvement in operating conditions in the non-oil private sector, while the index has remained above the neutral...Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and 32 booths for local producers.Renowned designer Cucinelli stresses sustainability at Saudi event
Riyadh, Saudi Arabia -- Renowned luxury fashion designer Brunello Cucinelli shared his insights on building a global brand and the future of fashion with Saudi creatives and entrepreneurs during a special event hosted by the Cultural Development Fund (CDF) in AlUla.The event, held in collaboration with the Fashion Commission, brought...Dakar Rally Saudi Arabia 2025 kicks off Friday with over 800 competitors
Riyadh, Saudi Arabia -- The Dakar Rally 2025, the largest and longest race in the world of motorsports, is set to kick off on Friday from Bisha, marking the sixth consecutive year the Kingdom hosts this thrilling event.Over 800 participants are poised for the fierce competition, which runs until January...Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion ($5.6 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin. This marks an increase of over SAR 4 billion ($1.08 billion) from SAR 15.999 billion ($4.32...Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling predictive maintenance (64%), driving sustainability and operational gains.Syria Foreign Minister in Saudi Arabia, hopes the visit opens ‘new, bright page’
Last week, in an interview with Saudi-owned Al Arabiya television, Sharaa said Saudi Arabia "will certainly have a large role in Syria's future", pointing to "a big investment opportunity for all neighbouring countries".Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both domestic and foreign—in the Saudi financial market recorded an annual growth of 37 percent (by nearly SAR 43 billion or $11.44bn) by the end of the third quarter (Q3) of 2024.This brings...Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year increase of 1 percentage point from the similar period last year.Data released by the General Authority for Statistics (GASTAT) said that the Saudi and non-Saudi labor force stood at 66.6 percent,...Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest funding round, as it battles stiff competition in the artificial intelligence market.The firm, whose flagship product is the Grok chatbot, garnered support from US venture capitalists, chipmakers NVIDIA and AMD,...Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the second quarter of 2024 compared to the same period in 2023, reaching 959,175, according to the General Authority for Statistics (GASTAT).GASTAT's Tourism Establishments Statistics bulletin for the second quarter of...Israel approves plan aiming to double annexed Golan population, Saudi calls it ‘sabotage’ of Syria
The occupied Golan is home to about 23,000 Druze Arabs, whose presence predates the occupation and most of whom retain Syrian citizenship, as well as around 30,000 Israelis.‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's capital Wednesday after FIFA confirmed the Gulf kingdom would play host to the tournament in 2034.While the news was hardly a surprise, with Saudi Arabia emerging as the sole candidate...Crunch time for Saudi-hosted drought, desertification talks
Riyadh, Saudi Arabia -- Landmark talks on desertification are set to conclude in Saudi Arabia this week amid doubts that pledged funds will make a meaningful difference in the fight against the growing scourge.The 12-day meeting of parties to the United Nations Convention to Combat Desertification (UNCCD), known as COP16, has already...UK Prime Minister to talk trade, Middle East during Gulf visit
London, United Kingdom -- Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking to attract investment from the region's oil-rich states, Downing Street announced.Starmer will first visit the United Arab Emirates and then travel to Saudi Arabia, before stopping off in Cyprus on...‘AI saved 1.5 billion liters of water, cut carbon emissions equivalent to 1 million trees in Saudi Arabia’
Riyadh, Saudi Arabia – Artificial intelligence (AI) has contributed to saving 150 million sheets of paper and conserving 1.5 billion liters of water, Saudi Data & AI Authority (SDAIA) President Abdullah bin Sharaf Alghamdi said on Wednesday.In a speech at the Saudi Green Initiative Forum 2024 held on the sidelines...France, Saudi Arabia to co-chair June meet on creating Palestinian state: Macron
The French president said they want to involve both European and non-European allies who are ready to move in this direction but who are waiting for France.Macron attends PIF-hosted Riyadh One Planet Sovereign Wealth Funds meet
Riyadh, Saudi Arabia -- French President Emmanuel Macron and over 100 CEOs besides members of OPSWF, asset managers, and private equity fund representatives attended the seventh annual summit for the One Planet Sovereign Wealth Funds (OPSWF) Group in Riyadh on Tuesday.Among the attendees was Yasir Al-Rumayyan, Governor Public Investment Fund...Non-oil sectors drive robust growth in GCC countries, says World Bank report
While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling growth and diversification,Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and Saudi Arabia is a key step forward to scale up".Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.Macron to hold talks with Crown Prince Salman on Saudi visit
Macron is beginning the first state visit by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing what the presidency calls a "very close relationship". He arrives as France's less than three-month-old minority government faces the prospect of being forced out by a no-confidence vote in the...Saudi Arabia hosts UN talks on drought, desertification
Riyadh, Saudi Arabia - Saudi Arabia will host the COP16 UN conference on land degradation and desertification next week as the top oil exporter pitches itself as an environmental defender despite criticism of its role at climate talks.UN Secretary-General Antonio Guterres has called the meeting for the United Nations Convention to...OPEC+ postpones meeting amid signs of ‘discord’ on output plans
The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at a ministerial meeting originally scheduled for Sunday.EVs just the start, urban mobility needs a holistic approach
Cities must adopt EVs alongside shared transport, robust infrastructure, clean energy, and inclusivity, says Jamie Wylie, an urban mobility expert.Car-centric Saudi to open first part of Riyadh Metro
Riyadh, Saudi Arabia - Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro, a major project intended to help shift the car-centric kingdom to public transport.Three lines will open to the public on December 1, "with gradual launches completing the six-line, 176-kilometre (109...Israel intensifies attacks before ceasefire deadline as Lebanon seeks “immediate halt”
US president says ceasefire takes effect on Wednesday at 4:00 AM Beirut time, as Lebanese officials accuse Israel of trying to inflict maximum damage through a wave airstrikes in Beirut before the truce deadline.Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world with the Jeddah Food Cluster, which spans over 11 million square meters and has set a new global benchmark.The Saudi Authority for Industrial Cities and Technology Zones (MODON) announced ambitious...Saudi Space Agency launches ‘Space Futures Centre’
Riyadh, Saudi Arabia - The Saudi Space Agency (SSA) announced Sunday the launch of the Centre for Space Futures, the first of its kind within the network of Fourth Industrial Revolution Centers affiliated with the World Economic Forum. This initiative is part of the Kingdom’s ongoing efforts to solidify its...Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the kingdom's General Authority for Statistics (GASTAT).The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent and the value of re-exported goods increased by 65.4...Big money as Saudi Arabia makes foray into cricket with IPL auction
Crown Prince Mohammed bin Salman has backed extravagant sports investments -- set to culminate in Saudi Arabia hosting the football World Cup in 2034 -- to diversify its oil-rich economy.Lulu Retail Q3 profit $35m
For the nine-month period, net profit increased by 73.3%.Saudi-US higher education partnerships forum launched
Riyadh, Saudi Arabia - Minister of Education Yousef bin Abdullah Al-Benyan alongside U.S. Ambassador to Saudi Arabia Michael Ratney, on Wednesday launched the Saudi-U.S. Higher Education Partnerships Forum.Organized by the Ministry of Education in collaboration with the U.S. embassy in Saudi Arabia and the Institute of International Education (IIE), the...Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement in Riyadh on Tuesday reaffirmed their commitment to implementing the Beijing Agreement in all its provisions.They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence...Community living: A holistic approach to housing
In the world of real estate, luxury is traditionally linked to opulent homes and lavish design. But luxury in the Saudi market is something deeper and more meaningful than any individual property. It is about a holistic approach that transcends physical spaces. LuxuSuch a vision, therefore, aligns perfectly with the Saudi...Saudi Arabia appoints new CEO to drive NEOM’s mega-city project forward
In a big move, Saudi Arabia appoints Aiman al-Mudaifer as NEOM’s interim CEO, a strategic choice to advance the futuristic city’s progress and strengthen Vision 2030.Saudi-hosted summit says Mideast peace requires end to Israeli occupation
The summit's closing statement said that "a just and comprehensive peace in the region... cannot be achieved without ending the Israeli occupation of all occupied Arab territories to the line of June 4, 1967," referring to the occupied West Bank and east Jerusalem as well as Gaza and the Golan...