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Intelligence for the New World Economy

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Intelligence for the New World Economy
Semafor World Economy
Matthew Martin

Matthew Martin

Saudi Arabia Bureau Chief

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Consulting still growing in Saudi despite slowdown

The industry’s revenues will expand by 13% this year, slower than the 25% rise in 2023 but still higher than the international average, a new report found.
A drone view shows cityscape in Riyadh, Saudi Arabia.Mohammed Benmansour/File Photo/Reuters

Riyadh tiptoes toward looser Ramadan restrictions

A small but growing number of cafes and restaurants are starting to serve food during the Muslim month of fasting, in the latest sign of social change.
Restaurants in Riyadh on the first day of Ramadan. Manal Albarakati/Semafor

Why Abu Dhabi’s next play is managing other people’s money

Judan Financial is the latest Abu Dhabi firm seeking to position the emirate as a hub for global capital, not just its own oil wealth.
Sheikh Tahnoon bin Zayed.Sheikh Tahnoon bin Zayed (right) in 2024. Rashed Al Mansoori/UAE Presidential Court/Handout via Reuters.

Video AI startup shifts compute to Saudi as AI chips arrive

The kingdom will get “monstrous” numbers of AI chips, says Luma AI’s CEO.
Amit Jain, CEO of Luma AI. Steve Marcus/Reuters.

Saudi replaces key minister amid pressure to attract foreign cash

A government reshuffle puts a Saudi wealth fund executive in charge of bringing in much-needed FDI.
Minister Khalid Al FalihMinister Khalid Al-Falih. Hamad I Mohammed/File Photo/Reuters

Saudi’s HUMAIN invests in sports AI

HUMAIN acquired a controlling stake in ai.oi, a UK company that uses AI to scout for sporting talent and suggest improvements for athletes’ performance.
Tareq Amin, CEO of Humain, attends the Saudi-US Investment Forum, in Riyadh.Tareq Amin. Hamad I Mohammed/Reuters.

Mubadala Capital to buy US billboards firm Clear Channel

The deal values the advertising company at $6.2 billion.

Gulf funds may be getting their wish for fast-track US deals

The Trump administration is formalizing plans to give big foreign investors faster approval to do US deals.

US investor aims to raise $100M for Saudi defense VC fund

MASNA Ventures launches first fund of its kind targeting investments in the Saudi military industry.

Türkiye and Saudi Arabia firm up ties

The two countries have steadily rebuilt ties that had reached a low ebb in 2017 to 2020, when Ankara sided with Qatar in a regional dispute.

Abu Dhabi’s BlueFive raises $3B for tech fund to invest in US and Europe

Even amid a period of low oil prices, the Gulf has still been a prime destination for private equity fundraising.

Saudi steps up efforts to bring in dollars

The kingdom is boosting outreach to debt and equity investors as it seeks to address a funding crunch.

UAE’s non-oil exports catching up with Saudi Arabia

UAE non‑oil trade passed the $1 trillion mark for the first time, according to Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.

Abu Dhabi rolls $263B sovereign wealth fund ADQ into new investment vehicle

The Emirate aims to create a sovereign investment powerhouse under its crown prince, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

Mubadala Capital raises $550M for debut co-investment fund

The unit of the Abu Dhabi sovereign fund is increasingly attracting money from other investors.

Saudi’s winter games delay is a reality check on gigaprojects

Riyadh is showing it’s willing to abandon projects when the numbers don’t add up.

Saudi PIF ends PwC consultancy ban

Saudi sovereign wealth fund invites the firm to pitch again after a year-long freeze.

Saudi’s NEOM creates new unit to boost oversight

The $1 trillion project has hired new management to improve oversight amid construction delays and layoffs.