First multifaith gathering held on Arabian Peninsula in 1,000 years In contrast to a rhetoric of conflict, the forum proposes a unifying vision The Muslim World League held the Forum on Common Values Among Religious Followers this week in Saudi capital Riyadh. A multifaith event with leaders from around the world, the forum included 90 faith leaders in all, with Muslims, Christians, Jews, Buddhists and […] June 22, 2022
Food & Drink Chef Jason Atherton opens fine dining restaurant in Jeddah A new Mediterranean restaurant in Jeddah is bringing a fine dining experience to the city thanks to a partnership between English chef Jason Atherton and Saudi businessman Abdelkarim Abbar. Located at the newly opened Jeddah Yacht Club on the Red Sea, Marina Social, operated by Atherton and owned by Abbar, opened on June 19. Atherton’s […] June 22, 2022
Jordan hopes for $3bn in deals from Saudi crown prince visit Saudi Crown Prince Mohammed bin Salman met with Jordan’s King Abdullah on Tuesday amid a thaw in relations after years of tension due to divergent views on regional conflicts and unfulfilled pledges of aid. The first visit to Jordan in years by the de facto ruler of Saudi Arabia comes at a time, officials say, […] June 22, 2022
Markets Saudi Arabia exchange has its biggest gain in more than a year Stock markets in the Gulf ended higher on Tuesday, pausing for breath after a steep sell-off, but major central banks’ rate hike plans and global recession risks kept investors cautious. Saudi Arabia’s benchmark index advanced 2.6 percent, its biggest intraday gain in more than a year, buoyed by a 3.4 percent jump in Al Rajhi […] June 22, 2022
Business of Sport Saudi to host Joshua-Usyk heavyweight title rematch Saudi Arabia confirmed today that it will host the world heavyweight boxing clash between champion Oleksandr Usyk and Anthony Joshua on August 20 as the kingdom cements its status as a global sporting destination. In a statement, the Ministry of Sports announced that the Red Sea city of Jeddah will host the rematch between the […] June 20, 2022
Analysis Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Analysis Middle East growth forecast brightens despite global gloom Growth forecasts for the Middle East have been revised upwards despite the darkening global landscape. Middle East GDP growth for 2022 is now projected at 5.2 percent, an increase of 1 percentage point on the forecast three months ago, according to the Economic Insight report for the Middle East, commissioned by the Institute of Chartered […] June 20, 2022
Markets Saudi stock market sees biggest fall since November 2021 Stock markets in the Gulf registered steep losses on Sunday, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth. On Wednesday, the US central bank approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5 […] June 20, 2022
Analysis Energy ACWA places faith in hydrogen to power Saudi’s future Saudi Arabia, the world’s top oil exporter, has grand ambitions to become the globe’s number one producer of green hydrogen. The kingdom is aiming to produce around four million tonnes of the gas by 2030 as part of Saudi Crown Prince Mohammed bin Salman’s (MbS) Vision 2030 to diversify the economy. Green hydrogen is set […] June 17, 2022
Morocco seeks Saudi support, as economic growth slows Morocco invited Saudi Arabia on Thursday to contribute to a fund to spur investments, seeking economic gains from its close political alliance with the Gulf monarchy. The Moroccan economy is expected to slow to 1.5 percent this year from 7.9 percent last year on the back of drought and imported inflationary pressures. The Moroccan economy […] June 17, 2022
Analysis Development Foreign investment licences in Saudi reach record high The number of foreign investment licences have soared to record highs in Saudi Arabia as more than 100 deals worth over $4 billion were struck during the first quarter of 2022. Saudi Arabia’s Ministry of Investment (MISA) revealed that the deals announced are expected to create more than 5,800 new jobs in the domestic economy, […] June 15, 2022
Lifestyle Saudi slips and UAE soars as millionaires seek new homes Saudi Arabia is forecast to lose 600 high net worth individuals this year while the UAE is set to gain 4,000, according to a new report June 15, 2022
Banking & Finance The Prince and the PIF: The way ahead for Saudi’s top investor The prince who’s the international face of Saudi business may no longer be able to call all the shots. For years, Prince Alwaleed bin Talal, Saudi Arabia’s self-styled Warren Buffett, has made hundreds of millions of dollars by investing in companies from Citigroup to Uber to Twitter with almost complete autonomy. Now, his Kingdom Holding […] June 15, 2022
Manufacturing Gulf rivals jostle for position as EV test beds A collaboration has been forged between electric vehicle company NWTN and real estate investor Sultan Investments to build a manufacturing facility in Abu Dhabi. The tie-up is the latest signal of intent by the UAE to corner the fast growing EV market, rivalling Saudi Arabia’s ambitions. NWTN, previously known as ICONIQ, was founded in 2016 […] June 14, 2022
Media & Advertising Swedish gaming group defends Saudi deal Lars Wingefors, Embracer's CEO, said 'only a handful of players' could provide the capital it needs. The PIF is buying an 8% stake June 13, 2022
Food & Drink Saudi region awarded global gastronomy title The Aseer region in southwest Saudi Arabia is to be given a global showcase after being awarded the title of World Region of Gastronomy 2024 by the Barcelona-based International Institute of Gastronomy, Culture, Arts and Tourism (IGCAT). The move is part of a wider $13 billion plan to redevelop the tourism potential of the little-known […] June 13, 2022
Business of Sport LIV Golf crowns first champion and nabs another PGA star South African golfer Charl Schwartzel won $4.75 million as Saudi-backed LIV unveiled the signing of US favourite Patrick Reed June 13, 2022
Tourism Saudi operator of Domino’s and Dunkin’ plans IPO Alamar Foods, the Saudi-based operator of fast food giants Domino’s and Dunkin’, has announced plans for an initial public offering (IPO), further boosting the kingdom’s recent surge of share sales. Alamar said it will be listing its ordinary shares on the Saudi Exchange’s Main Market, following approval by the Capital Market Authority (CMA) for the […] June 13, 2022
Biden to travel to Saudi Arabia, Israel next month US President Joe Biden will travel to Saudi Arabia and Israel next month and the White House is planning to announce the trip this week, a source familiar with the planning said on Sunday. Biden’s trip, which is expected to take place around mid-July, could include a meeting with Saudi Crown Prince Mohammed bin Salman, […] June 13, 2022
Banking & Finance Saudi Telecom shares rise after $8bn capital increase proposal Saudi Telecom said on Sunday its board had proposed increasing the company’s share capital by 30 billion riyals ($8 billion), or 150 percent, driving the share price nearly 10 percent higher. The Riyadh-listed company had earlier announced the proposed capital increase would involve issuing 30 billion new shares, with shareholders offered 1.5 new shares for […] June 13, 2022
