MBS: Saudi sovereign fund doubling assets in five years to $1.07T

The five-year plan would see the fund creating 1.8 million direct and indirect jobs, said Prince Mohammed bin Salman. Saudi Arabia’s Public Investment Fund (PIF) plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the world’s […]

Saudi wealth fund plays to win with $3.3bn in video-game stock

The video-game industry has been long favoured by Saudi Crown Prince Mohammed bin Salman, who had said he is part of the first generation in the kingdom to grow up playing video games. Saudi Arabia’s sovereign wealth fund is pursuing investments in an industry long favored by Crown Prince Mohammed bin Salman: video games. The […]

Saudi Arabia’s ‘Project HQ’ stirs competition with Dubai

Foreign companies that want to participate in Saudi government investment opportunities need to move their headquarters to the kingdom by 2024, minister says. Saudi Arabia’s finance minister says Riyadh and Dubai “will have healthy competition” after announcing that foreign companies that want to participate in Saudi government investment opportunities need to move their headquarters to […]

Lawsuit alleges MBS tried to lure ex-spymaster’s family to harm

Ex-spymaster claims MBS orchestrated plot to lure his family to Saudi consulate in Istanbul where Khashoggi was killed. Lawyers have filed an amended complaint in the US-based lawsuit against Saudi Crown Prince Mohammed bin Salman (MBS) containing allegations about attempts to “lure” an ex-spymaster’s family to the Saudi consulate in Istanbul and summons for two […]

Saudi customer service centres must employ citizens: HR Ministry

All client-facing roles over the phone, email, social media and other ‘modern means’ to be reserved for Saudi citizens, ministerial decree says. Saudi Arabia will reserve customer service centre jobs for Saudi citizens to “offer greater opportunities” and “improve their income potential”, officials said, as the oil exporter battles economic headwinds. The kingdom, the Arab […]

MBS says Aramco to sell more shares to boost Saudi wealth fund

MBS said Saudi Aramco will sell more shares as part of plans to bolster the kingdom’s main sovereign wealth fund, which aims to increase its assets from $400bn to $1 trillion by 2025. Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), the kingdom’s de facto ruler, on Thursday said that Saudi Aramco will sell more […]

Turkey, Saudi Arabia eye improved ties after Gulf crisis ends

Ankara, Turkey – Two years ago, relations between Turkey and Saudi Arabia stood at one of the lowest points in the history of the two regional powers following the murder in Istanbul of journalist Jamal Khashoggi. His killing in October 2018 at the hands of Saudi agents in the kingdom’s consulate led to unprecedented Turkish […]

Fourth time’s the charm? Saudi Arabia delays jobless data release

The kingdom said the four-time delay was needed to validate data collected from 33,000 households during the coronavirus pandemic. Saudi Arabia has delayed the release of closely watched data on citizen unemployment four times amid political sensitivity over a jobless rate that rose to the highest level on record last year. The kingdom’s labor market […]

Saudi carves path out of US partisan politics with Qatar detente

The sight of President Donald Trump’s supporters storming the United States Capitol on Wednesday laid bare an American political landscape that has become destructively partisan. President-elect Joe Biden didn’t mince words about the frenzied masses laying siege to the Capitol. “They were a riotous mob, insurrectionists, domestic terrorists,” he said on Thursday. Most nations have […]

GCC leaders meet in Saudi Arabia amid Gulf crisis thaw: Live news

Qatari emir to attend Gulf bloc’s 41st session amid a thaw in relations between Doha and a blockading quartet. Gulf leaders are meeting in Saudi Arabia for their annual summit on Tuesday amid a breakthrough in the long-running dispute between a Saudi-led bloc and Qatar. Saudi Arabia on Monday announced the reopening of land borders […]

MBS denies sending hit squad to kill former Saudi spy in Canada

Motion to dismiss case against Saudi Crown Prince Mohammed bin Salman claims sovereign immunity from US courts. Lawyers for Saudi Crown Prince Mohamed bin Salman (MBS) on Monday evening filed a motion to dismiss a lawsuit against him, saying there is no evidence to support claims he ordered a hit squad to assassinate a former […]

Kuwait says progress made in resolving Saudi-led boycott of Qatar

Kuwaiti Foreign Minister Ahmed al-Sabah says there have been “constructive and fruitful discussions” on efforts to achieve reconciliation in the Gulf crisis. The foreign minister said on Friday that progress had been made in resolving the row that has seen Saudi Arabia and its allies boycott Qatar since mid-2017. He stopped short of announcing any […]

Jared Kushner takes on Qatar blockade in Middle East ‘swan song’

Jared Kushner, the son-in-law and senior adviser to United States President Donald Trump, has travelled to the Gulf in the waning days of the Trump administration to seek final, longshot victories in US Middle East policy – including ending a Saudi-led blockade of Qatar, analysts have told Al Jazeera. Kushner, who reportedly arrived in Saudi […]

What’s behind the latest sackings in Saudi Arabia’s royal family?

Many royal family members in Saudi Arabia have been sacked or arrested since Mohammed bin Salman (MBS) was appointed crown prince three years ago. Fahd bin Turki, the commander of the Saudi-led war in Yemen, was sacked by Prince Mohammed while bin Turki’s son is no longer deputy governor of a region in the northwest. […]