SR200 million is minimum limit for public-private partnership project
The minimum limit for a public-private partnership project shall be SR 200 million, according to the amended executive regulations of the Privatization Law. The regulations set the minimum value for the transfer of asset ownership projects at SR 50 million. Saudi Arabia’s official gazette Umm Al-Qura published details of the amended regulations of the Privatization […]
Saudi Arabia pledges SR100 million to fight terrorism
Prince Khalid bin Salman, minister of defense and chairman of the Council of Defense Ministers of the Islamic Military Counter Terrorism Coalition (IMCTC), announced Saudi Arabia’s commitment of SR100 million ($26.6 million) in support of the coalition. He said this while inaugurating the second meeting of the IMCTC defense ministers in Riyadh on Saturday. Ministers of […]
India Middle East Europe corridor a game changer, says minister
The mega India Middle East Europe economic corridor (IMEC) covering the UAE, Saudi Arabia, US, France, Germany, Italy and the EU, will be a strategic and economic game changer for the Asian giant, said the country’s finance minister Niramala Sitharaman while presenting the Interim Budget 2024 today (February 1). A first-of-its-kind initiative, IMEC was unveiled […]
Saudi Arabia launches ‘GenAI for All’ initiative at DCO event
Saudi Arabia has launched a key initiative for the Digital Cooperation Organization (DCO) members – including Bahrain, Kuwait, Cyprus, Djibouti, Gambia and Morocco – that will support their research and development work linked to Artificial Intelligence (AI). A global organization, DCO is aimed at bolstering innovation driven areas and spurring growth of the digital economy, […]
PIF launches new firm to boost Saudi sustainable tech sector
Saudi Arabia’s sovereign wealth fund PIF (Public Investment Fund) has launched its new entity ‘Alat’ aimed at creating a national champion that will contribute to the aim of making the kingdom a global hub for sustainable technology manufacturing with focus on advanced technologies and electronics. Announcing the new company last night (February 2), His Royal […]
SAMA Governor & ECB President discuss developments in central banking
Saudi Central Bank (SAMA) Governor Ayman Al-Sayari has received European Central Bank (ECB) President Christine Lagarde at SAMA headquarters in Riyadh. During the meeting, the two sides discussed the recent developments in central banking and the outlook for the global economy. The European Central Bank is the prime component of the Eurosystem and the European […]
Saudi’s stc Group to participate at World Defense Show 2024
Saudi Arabia’s stc Group, the engine of digital transformation, is participating as a sponsor at the World Defense Show 2024, to take place from February 4 to 8, 2024, in Riyadh. Held under the theme “Equipped for Tomorrow”, this second edition of the World Defense Show will showcase the future of defense through innovation and […]
Saudi Arabia mulls selling additional shares in Aramco to raise SR40 billion, Bloomberg reports
Saudi Arabia is considering reviving plans for a follow-on share offering in Saudi Aramco to raise at least SR40 billion ($10 billion) as early as February, Bloomberg News reported on Wednesday, citing sources familiar with the matter. The report follows the Saudi government’s directive on Tuesday to Aramco to halt its oil expansion plan. According […]
Saudi anti-corruption body targets high-ranking officials in landmark multi-million riyal cases
In a sweeping crackdown on corruption, the Saudi Oversight and Anti-Corruption Authority (Nazaha) has announced a series of arrests across various sectors on Wednesday. A former head of notary and his brother were arrested for misappropriating vast tracts of state-owned land, illegally profiting SR148 million from their sale. This case also involved a former judge […]
Saudi Arabia to host the largest-ever COP16 in December
Saudi Arabia and the United Nations Convention to Combat Desertification (UNCCD) have officially inked an agreement, marking the commencement of preparations for the 16th session of the Convention’s Conference of the Parties (COP16), set to take place in Riyadh from December 2 to December 13, 2024. The upcoming COP16 in Riyadh will make history […]