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Intelligence for the New World Economy

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Intelligence for the New World Economy
Matthew Martin

Matthew Martin

Saudi Arabia Bureau Chief

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Dubai court nears verdict in $436M feud

A Dubai court is expected to issue a ruling in the 15-year legal battle between a Canadian property developer and billionaire Saudi minister Ahmed AlRajhi.
The Dubai skyline in 2021.Abdel Hadi Ramahi/Reuters

Saudi Arabia quietly widens alcohol sales for expats

Non-Muslim holders of premium residency are now able to buy from a store previously limited to diplomats.
People toast with their drinks at a bar in BrasiliaA bar in Brasilia. Adriano Machado/Reuters

MBS brings home a ‘Saudi First’ agenda from US visit

Mohammed bin Salman secured a defense pact, a nuclear agreement, US help to become a critical minerals hub, and access to American technology.
U.S.-Saudi Investment Forum in Washington.Evelyn Hockstein/Reuters

Saudi firm backs US AI startup’s $900 million fundraise, investment in Saudi Arabia

State-backed HUMAIN led the Luma AI funding round and will develop a 2GW compute cluster for the Silicon Valley firm in Saudi Arabia.
Luma’s co-founder Amit Jain. Courtesy of Luma.

Saudi set to announce slew of AI deals with US firms

The US will grant Saudi Arabia access to the latest AI chips as part of data center deals with tech giants.
Humain CEO Tareq Amin.Humain CEO Tareq Amin. Hamad I Mohammed/File Photo/Reuters.

US investor in Saudi soccer looks to women’s teams

A tech investor is adopting AI and “Moneyball” tactics to compete against Saudi wealth fund-backed soccer clubs.
US investor looks to back Saudi women’s soccer team.Courtesy of SPA

PIF reduces US stock holdings ahead of crown prince’s DC visit

PIF loaded up on US equities during the pandemic, but has since reduced its holdingst.

Saudi paints itself as indispensable US ally for a new era

Riyadh is recasting itself as a partner that can help Washington win in AI, energy, and Middle East security.

China overtakes the West in trade with the Gulf

Trade between the Gulf and China reached $257 billion last year, just ahead of the region’s $256 billion trade with the Eurozone, UK, and US combined.

Qatar earmarks $1B for Japan buyouts

Qatar’s sovereign wealth fund launched a $2.5 billion Japan-focused private equity fund with ORIX, a Japanese financial services firm.

Goldman Sachs scores record $110M fee on EA sale

The US bank was the sole adviser to EA when it was bought by a consortium that included Saudi Arabia’s Public Investment Fund.

Saudi earmarks $15B to triple phosphate production

The kingdom aims to become one of the world’s top three phosphate producers.

Bahrain revamps investment rules to attract super-rich

The country looks to pitch itself as a global wealth management hub and attract the type of super-rich residents that have flocked to the neighboring UAE.

Saudi’s AI ambitions may run through Syria

The proposed SilkLink project would add an alternative route to Europe as Saudi builds an artificial intelligence hub.

Saudi Arabia’s state oil company reports surprise $28B profit

The results are vital for Riyadh’s multi-trillion-dollar plan to diversify the country’s economy away from oil.

Saudi carbon market projected to double trading volumes

The CEO of carbon trading platform Saudi Arabia’s Voluntary Carbon Market Co. expects 20 million credits will be traded next year.

Bahrain’s Alba eyes global deals

The aluminum producer is looking for international investments to secure its supply chains.

Saudi Arabia’s health push goes high-tech

About $33 billion in deals are expected to be announced at Riyadh’s Global Health Exhibition this week.