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Saudi Fund for Development signs loan agreement for hospital project Image SFD

Saudi Fund for Development signs $75m loan agreement for hospital project in Saint Lucia

This agreement is part of SFD’s efforts to support sustainable development in developing countries and small island developing states

Hilton to open over 50 properties in Saudi Arabia onrad Riyadh Laysen Valley

Hilton to quadruple its presence in Saudi Arabia, aims to open over 50 new hotels

Hilton currently operates 16 hotels in Saudi Arabia, including Waldorf Astoria Jeddah – Qasr Al Sharq, Conrad Makkah, and Hilton Riyadh Hotel & Residences

Ukraine peace blueprint in Saudi Arabia

Saudi Arabia hosts talks on Ukraine peace blueprint

The kingdom is increasingly trying to position itself as a diplomatic powerhouse and has said it wants to mediate between Ukraine and Russia

oil production cuts

Saudi Arabia extends voluntary oil production cuts into September

It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries

stocks

Saudi stocks are performing well helping EM fund managers beat peers

Saudi Arabia’s Vision 2030 programme to transform the kingdom is a key support to the Saudi stock market

Saudi Arabia acquires stake in critical metals mining company Vale SA

Manara Minerals to get stake in Vale as Saudi Arabia moves in on critical metals

The question of who controls the critical metals needed to both sustain and decarbonise the world’s economies has turned into a global flashpoint

Nesma Kent

Saudi’s Nesma & Partners to acquire Dubai-based energy services firm Kent

The completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions

markets

Citigroup sees strong Middle East IPO pipeline running into 2024

IPOs in the Middle East have fetched $5.1bn so far this year, exceeding volumes seen during the same period in nine of the last 10 years

climate

Temperatures in Saudi Arabia, Kuwait hit 50C

Saudi authorities reported that temperature would continue to rise and remain high in the Eastern Province and parts of the central region

A321neo

Saudia fleet expands to include new A321neo aircraft

The aircraft is said to offer new levels of performance, seating 180 to 220 passengers in a typical two-class interior layout

SEVEN breaks ground for Almadinah Image courtesy SEVEN

Saudi’s SEVEN breaks ground at new SAR1.3bn entertainment destination in Almadinah

SEVEN has upcoming projects across 14 cities across Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Almadinah, Yanbu, Abha, Jizan, Buraidah and Tabuk

NEOM McLaren Electric racing team ai-designed livery

NEOM McLaren Formula E team unveil world’s first AI-designed livery

The AI-designed livery was released at the London E-Prix to mark McLaren Racing’s 60th anniversary year

IUCN and RCU teams gather together to celebrate the launch of the IUCN IBEX tool Image RCU

The Royal Commission for AlUla, IUCN unveil new conservation assessment tool

 The new tool allows protected area managers to carry out self-assessment of facilities and practices against IUCN’s Green List standard

US NSA Jake Sullivan

US National Security Advisor Jake Sullivan in Saudi Arabia for talks

The NSA’s visit comes a month after US State Secretary Anthony Blinken was in the country to meet with the country’s leaders

Saudi Arabia economic outlook

Saudi Arabia’s oil production cuts to slowdown growth, says IMF outlook

The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia

World Tourism Day 2023

Saudi Arabia’s PIF sets up company to boost tourism sector

The new company will invest in new tourism projects and develop attractive destinations in cities across the kingdom

Amaala

Red Sea Global partners with Equinox for Amaala hotel

The hotel will comprise 128 keys, with a focus on sports, fitness, and lifestyle

IHG to open Regent Jeddah in Saudi Arabia Imagew IHG

IHG to debut premium Regent Hotels & Resorts in Saudi Arabia

Set to open by mid-2024 in Jeddah, the property will be one of the first new generation Regent Hotels to open globally

SNB’s Q2 2023 net profit up 9% to $1.33bn

SNB’s Q2 net profit up 9% to $1.33bn

The bank’s net profit surged by 9 per cent to reach $1.33bn (SAR5bn) in the three months to June 30

Saudia Cargo

Saudia Cargo expands European services

The air cargo services provider has signed a strategic agreement with Jan de Rijk Co to expand its reach

Kylian Mbappe at PSG

Kylian Mbappe in Saudi Arabia? Al-Hilal offers $333m for PSG striker

The French striker has yet to make any decision on his next club, with only one year left on his contract at Paris-Saint Germain

Saudi Arabia allots $100m for Sudan humanitarian crisis

Saudi Arabia pledges $100m for Sudan humanitarian crisis

Prince Abdulaziz bin Saud said the kingdom is actively working to lessen suffering in areas affected by crises, conflicts and disasters

visa

Saudi Arabia launches ‘personal visit visa’ for Umrah

Personal visas can either be a single entry visa valid for 90 days or a multiple entry visa valid for 365 days

El Ettifaq

El Ettifaq lure Liverpool’s Jordan Henderson

Henderson’s signing follows a string of other big names from the English Premier League that have been pulled in by Saudi clubs in recent months

Rawabi Energy concludes one of the Largest Private Sector Syndicated Financing Image Rawabi Energy

Saudi Arabia’s Rawabi Energy concludes SAR7.175bn syndicated financing

The lending group also included First Abu Dhabi Bank acting as lead arranger

Saudi Arabia’s PIF launches firm to promote date industry

Saudi Arabia’s PIF sets up company to promote Ajwa dates

The company will play a key role in improving the quality and​ production capacity of Ajwa dates in the Madinah region

Saudi Arabia Tunisia loan deal 3-SPA

Tunisia gets surprise $500m from Saudi Arabia amid IMF delay

The money comes at a sensitive time for Tunisia, which risks defaulting on its debt unless it wins a bailout from the IMF

Aramco closes 3.4bn deal for 10 stake in Rongsheng

Aramco completes $3.4bn deal for 10% stake in Rongsheng Petrochemical

The deal represents the continued growth of Aramco’s downstream presence in China

Saudi wealth fund sets up Sawani

Saudi wealth fund sets up Sawani to boost camel dairy industry

The company will partner with players in the private sector to boost the production capacity of the camel dairy industry

Hotel Indigo to open in Oxagon, NEOM (Image: Supplied by IHG Hotels and Resorts)

NEOM’s Oxagon to get 250-key Hotel Indigo

Located in the northwest of Saudi Arabia, the hotel will welcome its first guests in 2026