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The sovereign wealth fund has seen its international assets fall from 29% of its overall portfolio in 2021 to around 20% in 2023, with a commensurate rise in investments in the Saudi economy. The shift is a clear response to Riyadh’s efforts to develop new sectors of the domestic economy.

The FII Institute has signed a contract with Prosek Partners worth more than $50,000 a month to provide it with communications and public relations support.

In late July, just as the UAE was wrapping up several of its latest bilateral free trade deals, a GCC delegation was in Ankara from 29-31 July for the first round of discussions on a free trade deal with Türkiye.  That was soon followed on 1 August by the official launch of negotiations on a free trade agreement between the GCC and Indonesia.

Saudi Arabia has outlined the details of its bid to host the 2034 football tournament, in bid documents that were formally submitted to the sport’s governing body Fifa in late July.

The low-cost carrier is sticking to its all-Airbus strategy but is now adding wide-body aircraft to its fleet.

In an unusual move for a Gulf country, Saudi Arabia has increased the retirement age by up to five years, with most Saudis now set to work until they are 65 before they receive a full pension.

Saudi Arabia is an absolute monarchy, established by King Abdelaziz (Ibn Saud) in 1932. After the founder died 20 years later, his son Saud took charge and since then power has been passed from brother to brother.

Energy giant Saudi Aramco has signed $25bn worth of contracts to expand its natural gas facilities in the kingdom, while also making a series of oil and gas discoveries in the Eastern Province and Empty Quarter, in a clear sign that the kingdom remains committed to fully exploiting its hydrocarbon reserves.

The Saudi Power Procurement Company (SPPC) has signed power purchase agreements (PPAs) for three solar PV projects with a total generating capacity of 5.5GW. The power purchase agreements come as the government aims to tender for 20GW of renewable energy a year between now and 2030.

According to reports, Prince Abdelaziz Bin Salman Bin Mohammed has suffered a heart attack while under house arrest in Riyadh. Prince Abdelaziz was arrested with his son Salman in 2018. It is not clear what charges or allegations they face.

The Trump Organization has struck a licensing deal with London-listed Dar Global over the development of the Trump Tower Jeddah. It is the second partnership between the two companies, following the Aida real estate project in Oman.

Five successful bidders have been named for the Ministry of Industry and Mineral Resources’ fifth mining exploration round; a sixth round is due to be launched later in the year.

A memorandum of understanding was signed by Saudi Arabian Military Industries (Sami) with the drone maker in early July, during a visit by defence minister Prince Khalid to Türkiye.

The Kuwaiti authorities are said to have come under pressure from Riyadh to support its economic restructuring strategy, including giga-projects such as MBS’ flagship city of Neom, at a time when other sources of inward investment into the kingdom have failed to match Saudi ambitions

Khalid Bin Salman held talks with defence minister Admiral Dong Jun and Central Military Commission vice-chairman Zhang Youxia in the Chinese capital on 25 June.