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Saudi Crown Prince Launches Investment Fund on Culture, Tourism, Entertainment, Sports

09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)
09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)
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Saudi Crown Prince Launches Investment Fund on Culture, Tourism, Entertainment, Sports

09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)
09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister, announced on Tuesday the launch of the Events Investment Fund (EIF) that aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom, reported the Saudi Press Agency.

Crown Prince Mohammed will act as chairman of the EIF.

The fund also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Vision 2030’s aim of a vibrant society.

EIF will conceptualize, finance and oversee development of more than 35 venues by 2030. The aim of the fund is to position the Kingdom as the global hub in these various event sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.

EIF assets include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023.

Aligned with the Kingdom’s sustainability agenda, the fund is committed to upholding the highest environmental, social, and governance (ESG) standards. EIF’s strategy is focused on three main pillars, which include enhancing its environment, invigorating societies and maintaining strong governance.

The fund is committed to attracting foreign investment and maintaining financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets. EIF is also contributing to Vision 2030 with respect to diversifying the economy and increasing its share of non-oil GDP, as well as supporting the contribution of the tourism sector to annual GDP, from its current rate of 3 percent to more than 10 percent by 2030.

Additionally, EIF will support the transformation of the Kingdom into a global tourist destination, attracting more than 100 million visitors by 2030 and making it one of the world’s most visited countries. This is aligned with the Kingdom’s Quality of Life Program, which aims to improve the quality of life for individuals and families by developing the necessary sustainable venues.

The fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of SAR28 billion by 2045. The focus will be on nurturing partnerships between the private and public sectors, securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens.

The Events Investment Fund’s vision is aligned with the National Development Fund’s strategy, launched by Crown Prince Mohammed, and aims to make the fund a pivotal enabler for the economic and social objectives of Vision 2030; overcoming existing development challenges in line with global best practices and stimulating a threefold increase in the private sector's impact on the Kingdom's economy by 2030.

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Business

Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
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Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 

Iraq is in talks with Gulf countries to use their pipeline networks to secure alternative oil export routes beyond the Strait of Hormuz, the state oil marketer SOMO said Thursday.

The move is part of an emergency strategy by the oil ministry to tap regional infrastructure and bypass maritime chokepoints, ensuring Iraqi crude continues to reach global markets while offsetting higher transport costs linked to the current crisis.

Ali Nizar al-Shatari, head of the State Organization for Marketing of Oil (SOMO), said the ministry is prioritizing negotiations to access Gulf pipeline systems extending beyond the Strait of Hormuz and into the Arabian Sea, allowing exports to avoid areas of military tension.

“The goal is to secure stable routes that guarantee efficient flows of Iraqi oil at lower transport costs,” Shatari said, adding that Iraq generated about $2 billion in oil revenues in March, up 28 percent from February.

He said SOMO exported around 18 million barrels of crude from Basra, Kirkuk and the Kurdistan region by using all available outlets, including southern ports that operated until early March and northern routes to Türkiye’s Mediterranean port of Ceyhan.

As part of efforts to diversify export options, Shatari revealed that the first shipments of fuel oil and Basra Medium crude successfully reached Syrian ports.

He noted that Iraq had signed a deal to export 50,000 barrels per day via this route, describing cooperation with Syria as “very significant,” with storage and security provided to ensure safe delivery to the port of Baniyas.

The route has proven effective and could become a permanent option after the crisis, he added.

Shatari further noted that the oil ministry is close to completing repairs on the Iraq-Türkiye pipeline, which suffered extensive damage in previous years.

Technical teams have inspected the most difficult terrain, with about 200 kilometers (125 miles) still to be assessed in the coming days before full pumping of Kirkuk crude resumes.

In a notable logistical move, Iraq has begun pumping Basra crude northwards for export via Ceyhan.

Flows started at 170,000 barrels per day and are expected to stabilize between 200,000 and 250,000 bpd, helping offset disrupted southern exports and supply energy-hungry markets in Europe and the Americas.

Shatari said Iraq has benefited from rising global prices by selling Kirkuk crude — a medium-grade oil — at strong premiums.

He also confirmed the reactivation of an agreement with the Kurdistan region to reuse the pipeline through the region to Ceyhan, helping lift total exports to 18 million barrels in March.

This came despite a drop in production in Kurdistan fields to about 200,000 bpd due to security threats, he added.

 

 

Business

World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

The war in the Middle East has pushed food commodity prices higher due to higher energy and fertilizer costs, the UN's food agency said Friday. 

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, had increased 2.4 percent in March from February. 

It was the second rise in a row, which the agency said was largely due to higher energy prices linked to conflict in the Middle East. 

Within the index, the category of vegetable oil saw the sharpest rise, of 5.1 percent over February, as palm oil prices reached their highest point since the middle of 2022, due to effects from spiking crude oil prices, FAO said. 

However, a "broadly comfortable" supply of cereal has cushioned the damaged from the conflict, FAO said. 

"Price rises since the conflict began have been modest, driven mainly by higher oil prices and cushioned by ample global cereal supplies," said FAO Chief Economist Maximo Torero in a statement. 

But he warned that if the conflict goes on beyond 40 days and the high prices on fertilizer continue, "farmers will have to choose: farm the same with fewer inputs, plant less, or switch to less intensive fertilizer crops". 

"Those choices will hit future yields and shape our food supply and commodity prices for the rest of this year and all of the next." 

Disruptions to production and supply chain routes had also introduced "additional uncertainty" into the outlook for wheat and maize, FAO found. 

Business

Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.