عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)
Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)
TT
TT

Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)
Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)

Leading financial institutions, from the US, Russia, China and India, as well as other European and Arab countries, will participate in the international conference called “Davos in the Desert” in Saudi Arabia.

Senior executives from major US financial firms including Goldman Sachs, JPMorgan Chase, Citigroup and BlackRock will be returning to the Kingdom for the conference, with more than 150 executives, over 40 of them representing US companies, confirming their attendance, according to a list published by media outlets.

The head of Russia’s sovereign wealth fund also announced his attendance, along with other executives who represent major banks, tech companies, business conglomerates and defense contractors from China, India, UAE and several European countries.

Senior White House adviser and President Donald Trump’s son-in-law, Jared Kushner will lead a US delegation, according to Agence France Presse (AFP).

BlackRock chief executive Larry Fink said he will participate in this year’s conference as an effort to promote change in Saudi Arabia, where Crown Prince Mohammed bin Salman is trying to wean the country’s economy off its dependence on oil.

“I believe greater economic integration and diversification will help Saudi Arabia build a more modern and sustainable economy for all of its citizens,” Fink wrote on his LinkedIn page.

“I also believe that corporate engagement and public dialogue can help with that evolution.”

The Saudi government promoted high-profile entertainment events featuring Western artists, rolled back restrictions on women’s rights and recently announced that tourists from the US and other countries can obtain visas to visit attractions in Saudi Arabia for the first time.

Banking leaders also had a powerful incentive to keep cordial relations with Saudi Arabia, namely because of the anticipated initial public offering (IPO) by Aramco.

Analysts estimate Aramco to have a valuation between $1.5 trillion and $2 trillion, and the Crown Prince has said he would like to list as much as 5 percent of the company, the world’s most profitable company.

The Wall Street Journal (WSJ) reported earlier in September that Aramco had chosen nine banks to underwrite its listing, including JPMorgan Chase, Goldman Sachs and Citigroup, whose senior executives are expected to attend the investment conference.

Most Viewed

 
 
Business

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports
TT
TT

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

The Saudi Ports Authority (Mawani) signed on Tuesday three memoranda of understanding (MoUs) with major international shipping lines: MSC, Maersk, and CMA CGM.

The agreements were signed on the sidelines of the Made in Saudi Expo 2025 and in partnership with the Saudi Export Development Authority (Saudi Exports).

The memoranda aim to support national exports and Saudi exporters by boosting access to global markets through an integrated logistics services ecosystem that connects the Kingdom’s ports with international destinations via leading global shipping lines.

The initiative provides exporters with broader opportunities for expansion and growth, while reinforcing international confidence in the quality of Saudi products by ensuring fast, efficient, and reliable delivery.

The MoUs establish a strategic framework for cooperation among the signatories to deliver innovative and integrated logistics solutions, facilitate the export of Saudi products, and boost the availability of empty containers at the Kingdom’s ports to ensure sufficient inventory levels that meet exporters’ needs.

They aim to expand joint initiatives that contribute to increasing Saudi exports in line with the goals of Saudi Vision 2030. This includes organizing workshops, conferences, and exhibitions to raise awareness, bolster exporters’ capabilities, measure satisfaction with logistics services, and promote national exports globally.

The MoUs seek to improve Saudi exporters’ access to new markets by providing advanced and efficient logistics solutions through Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port, alongside efforts to further automate port operations.

Business

Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
TT
TT

Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Riyadh on Tuesday with Syrian Minister of Economy and Industry Nedal Al-Shaar on ways to strengthen economic relations and develop industrial investment partnerships between their countries.

Alkhorayef praised Syria’s participation as Guest of Honor in the third edition of the Made in Saudi Expo, noting that this reflects the depth of fraternal relations and the shared economic ties between the two countries.

The officials discussed aspects of industrial cooperation and the opportunities for Syria to benefit from the Kingdom’s expertise and successful experience in developing its industrial sector.

They addressed prominent export opportunities that can support trade growth, strengthen industrial and economic integration between Saudi Arabia and Syria, and advance their developmental goals and shared interests.

Separately, Alkhorayef revealed that the Kingdom’s non-oil exports reached SAR307 billion in the first half of this year, marking the highest semiannual growth on record. 

He made the announcement during his participation in a dialogue session with Al-Shaar on the sidelines of the Made in Saudi Expo 2025. 

Alkhorayef explained that Saudi Vision 2030, through its initiatives, has driven record performance and sustained growth in non-oil exports over the past few years by unlocking national industrial capabilities, boosting the quality of Saudi products, and expanding their access to global markets. 

He highlighted opportunities for cooperation between Saudi Arabia and Syria in developing industrial cities, enabling Damascus to benefit from the Kingdom’s successful experience in export development and local content support, thereby contributing to its economic growth. 

Alkhorayef underlined the level of efficiency, skill, and craftsmanship demonstrated by Syrian investors in the Kingdom’s industrial sector, hoping that the industrial sector would become a key pillar of Syria’s economic advancement. 

He also addressed trade development between the two countries, noting that Saudi non-oil exports to Syria totaled SAR1.2 billion in the first nine months of 2025. 

Business

Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
TT
TT

Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 

Saudi Arabia’s annual inflation rate slowed to 1.9 percent in November 2025, its lowest level in nine months, down from 2.2 percent in October, driven by easing housing costs and lower prices for food and beverages.

On a monthly basis, inflation remained broadly stable, edging up 0.1 percent compared with October.

According to data released on Monday by the Saudi General Authority for Statistics (GASTAT), the housing, water, electricity, gas and other fuels category rose 4.3 percent year on year in November, down from 4.5 percent in October. Within that category, actual housing rents increased 5.4 percent, slowing from 5.7 percent a month earlier.

Prices in the food and beverages category rose 1.3 percent, reflecting a 1.6 percent increase in the prices of fresh, chilled and frozen meat. The transport category climbed 1.5 percent, driven by a 6.4 percent rise in passenger transport services.

The personal care, social protection and miscellaneous goods and services category recorded the largest annual increase, up 6.6 percent, supported by a 19.9 percent surge in prices of other personal products, influenced by a 21.6 percent rise in jewelry and watch prices.

Prices for insurance and financial services increased 5.1 percent, led by an 8.4 percent rise in insurance costs. The recreation, sports and culture category rose 1.3 percent, reflecting a 2.1 percent increase in holiday package prices.

In contrast, prices for furniture, household equipment and routine household maintenance declined 0.3 percent. The restaurants and accommodation services category also fell 0.5 percent, as accommodation service prices decreased 2.3 percent.

GASTAT noted that the Consumer Price Index (CPI) measures changes in prices paid by consumers for a fixed basket of 582 items, while the Wholesale Price Index (WPI) tracks price movements of goods at the pre-retail stage for a fixed basket of 343 items.