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Real Estate Fund Deposits $244.1m in Sakani Accounts in June

RIYADH: Saudi Arabia is getting closer to its Vision 2030 home ownership goal, with the Kingdom’s Real Estate Development Fund on Monday depositing SR916 million ($244.1 million) in the accounts of affordable housing beneficiaries.  According to the Saudi Press Agency, Mansour bin Madi, CEO of the fund, said the total amount deposited from June 2017 to June 2023 has now surpassed SR49.3 billion. 
Business

Boost for Makkah’s Hospitality Industry during Hajj Season

RIYADH: Hotels in Makkah have been running at full capacity as Muslims worldwide flocked to the holy city to perform Hajj after Saudi Arabia removed restrictions on the number and age of pilgrims, according to a top realtor in the city.   “The hotel occupancy rates in Makkah have reached 100 percent, such as the Novotel Thakher Makkah hotel. This substantial increase in occupancy comes in contrast to the 80 percent rate observed during the last Ramadan,” said Abdulaziz Al-Aboudi, the CEO of Thakher Development Co, a real estate firm focused on the hospitality sector.
sport

US to host larger Club World Cup in 2025

The first edition of FIFA’s new 32-team Club World Cup will be held in the United States in 2025, world football’s governing body said on Friday. FIFA had confirmed in March that the revamped Club World Cup will be played every four years from June 2025. The FIFA Council unanimously appointed the United States as the competition’s hosts for the first edition of the expanded format. The United States will also host the 2024 Copa America while they are also co-hosts of the 2026 World Cup along with Mexico and Canada.
Business

“Growing Venture Capital Scene in Saudi Arabia”

CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported.  The venture capital firm is in discussions with Jada, a $1 billion fund of funds established by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, to collaborate on this initiative, Saeed Amidi, Plug and Play’s founder and CEO, stated. 
News

Prigozhin’s Uprising Threat Echoes Russia’s History of Failed Wars

Putin may yet suffer the fate of many czars before him: a military uprising fueled by the blowback of a failing war.

The post Yevgeny Prigozhin’s Threatened Uprising Against Putin Echoes Russia’s History of Wars Gone Bad appeared first on The Intercept.

Business

“April imports to Saudi Arabia decrease by 16.1% to $15.4bn”

RIYADH: Saudi Arabia’s merchandise imports decreased 16.1 percent to SR57.9 billion ($15.4 billion) in April 2023 compared to SR69 billion in March 2023, according to the latest data released by the General Authority for Statistics.  However, the Kingdom’s merchandise imports increased by 1 percent in April 2023 compared to SR57.3 million in April 2022. According to the report, overall merchandise exports decreased 25.2 percent to SR103 billion in April 2023 compared to SR137.7 billion in the same month last year.
Business

Shell to operate gas stations in Saudi Arabia.

RIYADH: Riyadh is set to have its first Shell-branded fuel station later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom. The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release. 
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