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PIF launches fitness and wellbeing company

Saudi Arabia’s PIF sets up fitness and well-being company

Kayanee will adopt a female-focused approach to all its services, prioritising mental, physical and social health to create a vibrant society

Saudi Arabia Type-c Charger

Saudi Arabia to mandate Type-C USB charging ports by 2025

The decision will contribute to reducing the amount of annual domestic consumption of chargers and charging cables by more than 2.2 million units annually

King Abdullah Port

King Abdullah Port announces strategic partnerships boosting maritime offerings

The alliance marks a new chapter in the growth of the port’s maritime services

Yasser Nasr-Aldin, co-founder, chief strategy officer and head of investment at YaSchools Image YaSchools

Saudi edtech YaSchools raises $600,000 in seed round, plans for expansion to Jordan

Since the launch of its microlending services in early 2023, YaSchools has received financing requests worth more than $40m

Saudia inaugurates flights from Riyadh, Jeddah to Beijing

Saudia launches flights connecting Riyadh, Jeddah with Beijing

The new routes reinforce Saudi Arabia’s commitment to boost the growth of the tourism and aviation sectors

Saudi

Saudi Arabia expands visitor e-visa to eight additional countries

Nationals of these countries can apply for a Saudi visitor visa ahead of their journey via the official e-visa portal

Saudi Aramco reports Q2 2023 earnings

Aramco reports a drop in profits of 38% in Q2 2023

The world’s largest oil company reported that it had paid out a base dividend for Q1 2023 of $19.5bn in the second quarter, which was up 4 per cent year-on-year

Saudi

Saudi city of future enlists Dutch help to grow crops in desert

It is carving out an area the size of some 15 soccer fields to form a horticulture oasis on the outskirts of Neom

Fairmont Ramla Serviced Residences Riyadh (Image: Supplied by Fairmont)

Fairmont opens its first Saudi serviced residences property

The 249 residences range in size from one-bedroom suites to four-bedroom penthouses

Ukraine peace talks in Jeddah, KSA

Ukraine peace plan talks end in Saudi Arabia

A tangible outcome from the Jeddah meet was a plan to form working groups under various points of the Ukraine peace formula

Saudi wealth fund PIF reports $15.6bn loss in 2022

Saudi wealth fund takes $15.6bn hit from SoftBank and tech

The fund’s assets under management grew to $595.5bn from $527.8bn in 2021 despite the $15.6bn loss

Saudi Arabia’s PIF sets up company to promote sports sector

Saudi Arabia’s PIF sets up company to promote sports sector

SRJ Sports Investments will invest in businesses specialised in offering unique fan engagement activities and transformative sports technology

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

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

oil refinery

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

stock 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