By K Raveendran The Indo-US joint declaration presents a striking imbalance, appearing more as a dictated statement than a mutually crafted agreement. The document is overwhelmingly skewed in favour of the United States, particularly in the domain of defence procurement, where it reads less like a diplomatic understanding and more like a sales pitch for […]
Aston Martin Aramco Formula One Team has entered into a groundbreaking multi-year sponsorship agreement with cryptocurrency exchange platform Coinbase, marking a significant milestone in the integration of digital finance within elite motorsport. This partnership is distinguished by its financial arrangement: the entire sponsorship fee will be transacted in USD Coin , a stablecoin pegged 1:1 to the U.S. dollar.
This collaboration represents the first instance of a Formula One team publicly announcing the full payment of a partnership using a stablecoin. By embracing USDC for this transaction, Aston Martin signals a forward-thinking approach to financial operations, highlighting the efficiency and global reach of cryptocurrency in high-stakes industries.
Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco, expressed confidence in the alliance, stating, “This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance. By transacting this deal fully in USDC, we’re signaling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
Coinbase’s branding will feature prominently on Aston Martin’s AMR25 race cars, specifically on the halo and rear-wing end plates, as well as on the racing suits of drivers Fernando Alonso and Lance Stroll throughout the upcoming Formula One season. This visibility aligns with Coinbase’s strategy to expand its global presence and promote the adoption of digital currencies across diverse audiences.
Gary Sun, Vice President of Marketing at Coinbase, highlighted the significance of this venture: “This is a huge moment for Coinbase, marking the first time we’ve invested in a sports partnership entirely in cryptocurrency. It’s also our debut in Formula One, and we’re thrilled to align with a sport that values pushing boundaries with transformative ideas and technology.”
The decision to utilize USDC for the sponsorship underscores the practical benefits of stablecoins in large-scale transactions, offering stability, reduced transaction costs, and seamless cross-border payments. While Coinbase remains open to transacting in various cryptocurrencies based on partner preferences, the selection of USDC for this deal reflects its suitability for substantial financial agreements.
This partnership emerges amidst a growing trend of cryptocurrency integration within Formula One. In June 2021, Crypto.com secured a multi-year deal with Formula One, later expanding its involvement with a significant nine-year, $100 million agreement in 2022, which included naming rights to the Miami Grand Prix. Individual teams have also embraced the crypto movement; for instance, Red Bull Racing has collaborated with platforms like Bybit and Mysten Labs to enhance fan engagement through blockchain technology.
Aston Martin’s alliance with Coinbase not only enhances the team’s financial portfolio but also paves the way for innovative, blockchain-based fan engagement initiatives. As the season progresses, supporters can anticipate unique on-chain experiences designed to deepen their connection with the team and the sport.
Brazil is set to host the BRICS leaders’ summit in Rio de Janeiro on 6th and 7th July 2025, as announced by Foreign Minister Mauro Vieira. This gathering will bring together heads of state from Brazil, Russia, India, China, South Africa, and other partner nations, marking a significant event in international diplomacy. Assuming the rotating presidency of BRICS on 1st January 2025, Brazil has been actively preparing […]
By Nitya Chakraborty The outcome of Prime Minister Narendra Modi’s meeting with the U.S. President Donald Trump in White House on February 13 may have its impact on the interim government of Bangladesh headed by Dr. Mohammad Yunus, who is in power since August 8, 2024 in the wake of the ouster of Sheikh Hasina […]
Ubisoft, the prominent French video game publisher, has reported a substantial decline in its financial performance for the nine months ending December 31, 2024. The company’s revenue decreased by 31.4% year-on-year, totaling €990 million, while net bookings fell by 34.8% to €944 million. Digital net bookings also saw a downturn of 33.8%, amounting to €784 million, and back-catalogue net bookings dropped by 27.7% to €762.3 million.
In the third quarter alone, Ubisoft experienced a 52% reduction in net bookings, recording €301.8 million, aligning with its revised guidance of approximately €300 million. Despite these challenges, the company has reaffirmed its financial targets for the fiscal year 2024-25, projecting net bookings around €1.9 billion and aiming for break-even non-IFRS operating income.
The downturn has been attributed to the underperformance of several key titles and a highly competitive market landscape. In response, Ubisoft is intensifying its cost-reduction initiatives, aiming to surpass €200 million in fixed cost savings by the end of fiscal year 2024-25, ahead of its initial schedule. This strategy includes targeted restructuring efforts, which have already led to the closure of two production studios and the layoff of nearly 300 employees.
Amid these financial strains, Ubisoft is placing significant emphasis on the upcoming release of “Assassin’s Creed Shadows,” scheduled for launch on March 20, 2025. Set in feudal Japan, the game features dual protagonists—a shinobi assassin named Naoe and a samurai named Yasuke. Early previews have been favorable, highlighting the game’s narrative depth and immersive experience. Pre-orders are reportedly strong, tracking in line with those of “Assassin’s Creed Odyssey,” the franchise’s second most successful installment.
Ubisoft’s CEO, Yves Guillemot, expressed optimism regarding the forthcoming title, stating that early feedback has praised its storytelling and gameplay mechanics. The company anticipates that “Assassin’s Creed Shadows” will drive a recovery in the fourth quarter, contributing positively to the year’s financial outcomes.
In addition to its focus on flagship titles, Ubisoft is conducting a comprehensive review of its strategic options to maximize the value of its assets and franchises. An independent board committee has been established to oversee this process, ensuring that all potential avenues are explored to enhance stakeholder value.
The company’s challenges are not isolated to financial metrics. In December 2024, Ubisoft announced the impending shutdown of its free-to-play shooter, “XDefiant,” scheduled for June 2025, due to an inability to maintain a sufficient player base. This decision resulted in the closure of its San Francisco and Osaka production studios, affecting approximately 277 employees. Furthermore, in January 2025, the company closed its Leamington studio and downsized several others, leading to an additional 185 layoffs as part of its ongoing cost-cutting measures.
Blockchain.com, a prominent digital asset exchange, has appointed Justin Evans as Chief Financial Officer and Mike Wilcox as Chief Operating Officer as it advances towards a potential initial public offering . Evans, formerly the head of crypto investment banking at Goldman Sachs Group Inc., brings extensive experience in financial strategy and capital markets. Wilcox, who previously served as Chief Financial Officer at Velocity Global and was an investment manager at Point72 Asset Management, adds significant operational expertise to the team.
These strategic hires align with Blockchain.com’s objective to position itself for a public listing, capitalizing on the growing institutional adoption of cryptocurrencies and a more favorable regulatory environment. The company joins a cohort of cryptocurrency firms aiming to enter public markets, reflecting a broader trend within the industry.
In parallel, other major cryptocurrency firms are also exploring public listings. BitGo, a cryptocurrency custodian services provider, is reportedly considering an IPO as soon as the second half of this year. The firm is in discussions with potential advisers, although no final decision has been made. BitGo, founded in 2013, serves over 1,500 institutional clients across 50 countries and processes approximately 8% of global Bitcoin transactions by value. In 2023, the company raised $100 million, achieving a valuation of $1.75 billion.
Similarly, Gemini, the cryptocurrency firm backed by the Winklevoss twins, is considering an IPO as early as this year. This move underscores the increasing trend of cryptocurrency companies seeking public listings to access broader capital markets and enhance transparency.
The momentum for crypto-related IPOs is further evidenced by Circle Internet Financial’s plans. The company, known for issuing the stablecoin USDC, announced its intention to relocate its headquarters from Boston to New York City’s One World Trade Center in early 2025, ahead of its planned IPO. This relocation signifies the cryptocurrency industry’s deeper integration with traditional financial hubs.
The surge in IPO considerations among cryptocurrency firms is influenced by several factors, including increased institutional adoption of digital assets and evolving regulatory landscapes. The U.S. IPO market experienced significant growth in 2024, with companies raising over $41 billion, marking the most successful year since 2021. This resurgence is anticipated to continue into 2025, driven by favorable economic conditions and a more supportive regulatory environment.
However, not all major players are rushing to go public. Companies like SpaceX and OpenAI, despite substantial investor interest, are expected to delay their public offerings due to strong private funding. This trend indicates that while the IPO market is becoming more attractive, some firms prefer to remain private, leveraging ample private capital to fuel their growth.
In the retail trading sector, eToro has submitted confidential filings to the U.S. Securities and Exchange Commission for an IPO in New York, potentially valuing the company at over $5 billion. This move follows eToro’s previous attempt to go public in 2022 via a $10.4 billion deal with a blank-check company, which was halted due to unfavorable market conditions.
The increasing number of cryptocurrency and fintech firms pursuing public listings reflects a strategic shift towards greater transparency, regulatory compliance, and access to capital. As the industry matures, these public offerings are poised to reshape the financial landscape, bridging the gap between traditional finance and the burgeoning digital asset economy.
Dubai’s Roads and Transport Authority has completed a significant upgrade to Kite Beach Street in Jumeirah, effectively doubling its capacity and reducing travel time from 15 minutes to just 5 minutes. The project expanded the road from a single lane in each direction to two lanes in the same direction, addressing congestion issues caused by parking and pedestrian pathways.
The RTA announced the completion of this project on February 13, 2025, as part of its ongoing efforts to enhance traffic flow across the emirate. The authority stated that the modifications are in line with continuous efforts towards smoother traffic movement in various areas of Dubai, particularly to manage the high traffic volumes on Kite Beach Road.
In addition to lane expansion, the RTA has introduced extra parking spaces to accommodate the increasing number of visitors to Kite Beach, one of Dubai’s most popular leisure destinations. These enhancements aim to alleviate traffic congestion exacerbated by limited parking and pedestrian activity in the area.
Hussain Al Banna, CEO of the Traffic and Roads Agency at RTA, highlighted that these improvements have played a crucial role in optimizing vehicle movement on major roads while increasing the capacity of road networks as well as entry and exit points. He emphasized that the project aligns with the city’s urban expansion and the need to accommodate growing traffic volumes.
This initiative is part of a broader strategy by the RTA, which completed traffic enhancements at more than 50 locations across Dubai in 2024. These efforts have collectively improved the efficiency of the city’s roads, achieving a 60% reduction in travel time and increasing road capacity by up to 20% in various areas.
The comprehensive plan includes the Dh16 billion Main Roads Development Plan for 2024-2027, unveiled by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council. This plan encompasses 22 strategic projects aimed at bolstering the city’s infrastructure to support Dubai’s expanding population, benefiting over six million residents and enhancing connectivity across the emirate.
Key projects under this development plan include the Latifa bint Hamdan Street and Meydan Road developments, which are expected to boost road capacity and significantly reduce travel times in critical areas. These projects are designed to address the increasing demand on Dubai’s road networks and to facilitate smoother traffic flow throughout the city.
In line with Dubai’s commitment to incorporating technology-driven solutions in public transit, the RTA has integrated AI-powered traffic management systems and autonomous transport initiatives. These advancements are part of the city’s Smart Self-Driving Transport Strategy, aiming to transform 25% of total mobility journeys in Dubai into driverless journeys by 2030.
The city’s road network has seen substantial growth, expanding from 8,715 lane-kilometers in 2006 to 18,990 lane-kilometers, now facilitating 2.2 million daily public transport riders. This expansion reflects Dubai’s rapid urban development and the RTA’s proactive approach to infrastructure planning and traffic management.
The RTA’s continuous efforts to enhance road infrastructure and traffic flow are pivotal in accommodating the city’s growth and ensuring a high quality of life for residents and visitors alike. The successful upgrade of Kite Beach Street serves as a testament to Dubai’s commitment to developing efficient and sustainable urban mobility solutions.
As Dubai continues to evolve, the RTA remains dedicated to implementing strategic projects that address current challenges and anticipate future needs. The integration of advanced technologies and comprehensive planning underscores the city’s vision of becoming a global leader in smart and sustainable transportation.
The recent enhancements to Kite Beach Street not only improve the daily commute for motorists but also contribute to the overall safety and accessibility of the area. By providing additional parking and expanding road capacity, the RTA ensures that both residents and tourists can enjoy one of Dubai’s most cherished beachfronts with greater ease and convenience.
Dubai has rapidly emerged as a global hub for cryptocurrency and blockchain technology, attracting investors, entrepreneurs, and innovators worldwide. This ascent is largely attributed to the emirate’s progressive regulatory framework, which aims to foster innovation while ensuring compliance with international standards. However, this balancing act presents a complex challenge: how can Dubai promote the growth of the crypto industry while adhering to the stringent guidelines set by global watchdogs like the Financial Action Task Force ?
In recent years, Dubai has implemented a series of initiatives to position itself at the forefront of the digital asset revolution. The establishment of the Virtual Assets Regulatory Authority exemplifies this commitment. VARA is tasked with overseeing the regulation, licensing, and governance of virtual assets within the emirate, ensuring that all crypto-related activities align with both local and international laws. This proactive approach has been pivotal in attracting major players in the crypto space to set up operations in Dubai.
A significant aspect of Dubai’s strategy is its favorable tax environment. The city imposes zero percent personal income tax and capital gains tax, extending this benefit to gains from cryptocurrency activities such as disposals, staking, and mining for individuals. This tax incentive has made Dubai an appealing destination for crypto investors and businesses seeking a conducive environment for growth.
Dubai has embraced blockchain technology across various sectors. The Dubai Land Department, for instance, has integrated blockchain into its operations, enhancing transparency and efficiency in real estate transactions. Such initiatives underscore the emirate’s dedication to leveraging technology to improve public services and drive economic growth.
However, with innovation comes the responsibility of ensuring that these new technologies are not misused. The FATF, an international body that sets standards for combating money laundering and terrorist financing, has been closely monitoring developments in the virtual asset space. It has issued binding standards to prevent the misuse of virtual assets, emphasizing the need for robust regulatory frameworks.
One of the key FATF recommendations is the “Travel Rule,” which mandates that Virtual Asset Service Providers obtain and share identifying information about the originator and beneficiary of virtual asset transfers exceeding a certain threshold. This measure aims to enhance transparency and deter illicit activities within the crypto ecosystem.
Dubai, through VARA, has taken steps to align with these international standards. Effective from October 1, 2024, VARA introduced new marketing regulations for virtual assets, requiring businesses to comply with specific guidelines when promoting crypto-related activities. This move ensures that marketing practices are transparent and do not mislead consumers, thereby fostering a safer investment environment.
The UAE amended its Value Added Tax regulations in November 2024, exempting most transactions involving virtual assets from the standard 5% VAT. This exemption reflects the government’s intent to encourage the use of virtual assets in everyday transactions, integrating them more seamlessly into the economy.
Despite these advancements, challenges persist. The rapid evolution of the crypto industry often outpaces regulatory developments, necessitating continuous updates to existing laws and guidelines. Additionally, while Dubai’s regulatory environment is conducive to innovation, it must remain vigilant to prevent potential misuse of virtual assets for illicit purposes.
Elon Musk’s Department of Government Efficiency has commenced significant layoffs within the U.S. federal workforce, issuing termination notices to over a dozen employees at the U.S. Digital Service . This action aligns with President Donald Trump’s directive to streamline government operations and reduce expenditures. The layoffs have sparked nationwide protests, with demonstrators targeting Tesla showrooms to express their dissent against Musk’s cost-cutting measures and perceived influence over […]
In a significant shift, openSUSE Tumbleweed has transitioned from AppArmor to Security-Enhanced Linux as its default Mandatory Access Control system for new installations. This change, effective from snapshot 20250211, aims to enhance system security by confining more services by default. Announced on the openSUSE Factory mailing list, the decision aligns with efforts to increase SELinux adoption within both SUSE and openSUSE communities. Cathy Hu, SELinux Security Engineer, […]
Alibaba Cloud has inaugurated its second data center in Thailand, aiming to meet the growing demand for cloud computing services and support the country’s digital transformation initiatives. This development aligns with Thailand’s strategic efforts to enhance its digital economy and infrastructure.
The new facility is designed to provide advanced cloud services, including support for artificial intelligence applications, to businesses and government agencies across Thailand. By expanding its data center footprint, Alibaba Cloud seeks to offer more robust and reliable services, catering to the increasing needs of enterprises adopting digital technologies.
Thailand has been actively pursuing a comprehensive digital transformation strategy, encapsulated in policies like “Thailand 4.0” and the “National Digital Economy and Society Development Plan.” These initiatives focus on building high-capacity digital infrastructure, promoting e-government solutions, and fostering innovation and technology adoption across various sectors. The government’s commitment is further evidenced by the approval of the national AI strategy and action plan , which aims to drive AI development and integration throughout the country.
The establishment of Alibaba Cloud’s second data center is poised to bolster these governmental efforts by providing the necessary infrastructure to support AI and other emerging technologies. This move is expected to enhance the competitiveness of Thai businesses, particularly small and medium-sized enterprises , by offering scalable and secure cloud solutions that facilitate innovation and efficiency.
In addition to infrastructure development, Thailand is focusing on digital skills enhancement and inclusivity. The government has launched initiatives to train individuals through community digital centers, aiming to bridge the digital divide and ensure that the benefits of digital transformation are accessible to all segments of the population. These efforts are crucial in creating a digitally literate workforce capable of leveraging new technologies to drive economic growth.
The collaboration between global technology providers like Alibaba Cloud and the Thai government signifies a strategic partnership that leverages international expertise to accelerate national digital goals. Such alliances are instrumental in positioning Thailand as a regional digital hub, attracting further investments, and fostering a vibrant ecosystem of innovation and technological advancement.
As Thailand continues to implement its digital economy strategies, the expansion of cloud infrastructure by industry leaders like Alibaba Cloud will play a pivotal role in supporting the nation’s objectives. This development not only addresses the immediate needs for advanced computing resources but also lays the foundation for sustainable digital growth in the years to come.
The integration of enhanced cloud services is anticipated to have a transformative impact on various sectors, including finance, healthcare, education, and manufacturing. By providing scalable and efficient cloud solutions, businesses can innovate more rapidly, improve operational efficiencies, and deliver better services to their customers. Moreover, the availability of local data centers ensures compliance with data sovereignty requirements, which is a critical consideration for many organizations.
In the financial sector, for instance, banks and fintech companies can leverage cloud-based AI analytics to offer personalized services and detect fraudulent activities more effectively. The healthcare industry can utilize cloud platforms to manage patient data securely and deploy telemedicine solutions, expanding access to medical services, especially in remote areas. Educational institutions can adopt e-learning platforms hosted on the cloud, providing students with flexible and interactive learning experiences. Manufacturers can implement IoT solutions to monitor production lines in real-time, enhancing productivity and reducing downtime.
Arabian Post Staff Etihad Salam Telecommunications Company, a prominent player in Saudi Arabia’s telecommunications and IT sector, has entered into a Memorandum of Understanding with Advanced Communications & Electronics Systems Company for Neutral Host . This strategic partnership aims to enhance connectivity and telecommunication services for government and corporate sectors in Riyadh, leveraging ACES’s Fiber to the Home infrastructure. A significant milestone of this collaboration is the […]
New simple, powerful, affordable block storage systems power critical applications SINGAPORE – Media OutReach Newswire – 12 February 2025 – NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced updates to its enterprise storage portfolio, expanding the NetApp ASA A-Series with new systems designed to accelerate and consolidate block workloads for organizations of any size. Alongside the announcement of new cyber resiliency capabilities, these systems enable […]
OpenAI has firmly declined a $97.4 billion acquisition proposal from a consortium led by Elon Musk, stating unequivocally that the organization is not for sale. The board’s unanimous decision underscores OpenAI’s commitment to its mission of developing artificial general intelligence for the benefit of all humanity. Elon Musk, who co-founded OpenAI in 2015 alongside CEO Sam Altman, has been vocal in his opposition to the company’s shift […]
Q3 sales at previous year’s level and adjusted EBITDA margin improves significantly to 9.2 percent Incoming orders up 8.3 percent for Q3 and 7.7 percent after nine months compared with previous year High order backlog points to strong final quarter Full-year forecast confirmed, adjusted EBITDA margin to rise to up to around 8 percent in FY 2025/2026 Packaging remains a growth driver Growth strategy promises sales potential […]
The United Arab Emirates has embarked on a groundbreaking initiative to map air corridors and develop a regulatory framework for piloted and autonomous air taxis and cargo drones. This strategic move aims to seamlessly integrate advanced air mobility solutions into the nation’s transportation infrastructure. In collaboration with the Advanced Technology Research Council entities—Technology Innovation Institute and ASPIRE—the General Civil Aviation Authority is spearheading this project. The plan […]
Saudi Arabia’s Crown Prince Mohammed bin Salman has assumed a pivotal role in shaping the international landscape under U.S. President Donald Trump’s administration. As traditional diplomatic norms give way to a more transactional approach, the Crown Prince’s influence is increasingly evident in critical geopolitical arenas, notably the Middle East and Eastern Europe.
In the Middle East, Saudi Arabia is leading an urgent Arab initiative to counter President Trump’s contentious proposal for Gaza. The U.S. plan suggests relocating Palestinians to neighboring countries, a move that has been met with widespread rejection from regional stakeholders. In response, Saudi Arabia, in collaboration with Egypt, Jordan, and the United Arab Emirates, is formulating an alternative strategy. This plan emphasizes the establishment of a Gulf-funded reconstruction program and the marginalization of Hamas, aiming to stabilize Gaza while preserving Palestinian national aspirations. A summit in Riyadh is scheduled to further deliberate on these proposals, underscoring Saudi Arabia’s commitment to regional stability and its willingness to challenge U.S. policies when they conflict with Arab interests.
Beyond the Middle East, Crown Prince Mohammed bin Salman is extending his diplomatic reach to address the ongoing conflict in Ukraine. The Trump administration has announced potential peace talks with Russian officials, a move that has elicited mixed reactions from the international community. European leaders have expressed concerns that this approach may inadvertently legitimize Russian aggression. Amid these tensions, Saudi Arabia has offered to host summit talks in Riyadh, positioning itself as a neutral ground for dialogue. This initiative not only highlights the Crown Prince’s ambition to elevate Saudi Arabia’s global diplomatic profile but also reflects a strategic alignment with President Trump’s unconventional foreign policy methods.
Appoints Simon Ang as Head of Enterprise Sales KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 14 February 2025 – ViewQwest, a leading telecommunications, network, and security services provider in Southeast Asia, has announced the appointment of Simon Ang as Head of Enterprise Sales in Malaysia. This strategic appointment underscores ViewQwest’s commitment to strengthening its commercial presence and accelerating business growth in a key market for its […]
BANGKOK, THAILAND – Media OutReach Newswire – 14 February 2025 – Money20/20, the world’s leading fintech show and the place where money does business, unveils its agenda for the upcoming Asia show held in Bangkok on April 22-24 at the Queen Sirikit National Convention Center (QSNCC). The show will explore five key pillars: collaboration, security, frictionless user experiences, sustainability, and the frontiers of emerging technologies. The pillars […]
Available from February 2025 at Singapore Discovery Centre, New Interactive Game Aims to Champion National Education SINGAPORE – Media OutReach Newswire – 14 February 2025 – In commemoration of Total Defence Day on 15 February, HIDDEN and Defence Collective Singapore are excited to announce the launch of their new, interactive game, “Escape Quest: Operation Broken Oath”. This engaging and educational game is designed to raise awareness of […]
HONG KONG SAR – Media OutReach Newswire – 14 February 2025 – Generali Hong Kong has partnered with YAS to deliver innovative, customer-centric insurance solutions that adapt to modern lifestyles. This collaboration focuses on leveraging cutting-edge technology to enhance the customer experience and provide tailored protection. From left: William Lee, Co-Founder of YAS, Windian Lai, Chief Business Officer and Intermediary Management of Generali Hong Kong, Andy Ann, […]
New appointment to drive enhanced investment strategies and client-centric solutions HONG KONG SAR/SINGAPORE – Media OutReach Newswire – 14 February 2025 – WRISE Group announced today that Chen Jingwei has been appointed Regional Chief Investment Officer, effective immediately. In this expanded role, Jingwei will oversee all investment-related activities across the firm’s mass affluent segment, WRISE Prestige Hong Kong, in addition to his current responsibilities as Chief Investment […]
Saudi Arabia has reported a fiscal deficit of 115.625 billion riyals for 2024, driven by a 6% increase in total spending compared to the previous year, as per data from the Ministry of Finance. This rise in expenditure aligns with the kingdom’s commitment to its Vision 2030 economic transformation strategy, which aims to diversify the economy beyond oil dependence.
The government’s initial projection for the 2024 deficit was 79 billion riyals, approximately 1.9% of GDP. However, updated estimates have revised this figure to 115 billion riyals, around 3% of GDP. In the first nine months leading up to September 30, the deficit stood at 58 billion riyals, with more than half of this amount recorded in the third quarter alone.
Total government revenues for 2024 reached 1.26 trillion riyals , marking a 4% increase from the previous year and exceeding initial budget estimates by 7%. Notably, non-oil revenues have shown significant growth, contributing to the overall revenue increase.
The Vision 2030 initiative encompasses several large-scale projects, including the NEOM megacity, the Red Sea Project, and Qiddiya, all designed to stimulate economic diversification and reduce reliance on oil revenues. These projects require substantial upfront investments, contributing to the current fiscal deficit. The government has emphasized that this “deficit by design” is a strategic move to foster long-term economic growth and sustainability.
Despite the widening deficit, Saudi Arabia’s non-oil sector has demonstrated resilience. Since 2017, non-oil economic growth has consistently ranged between 4% and 5%, indicating progress in the kingdom’s diversification efforts. The government remains optimistic that continued investment in Vision 2030 projects will yield significant economic benefits in the coming years.
However, the ambitious nature of these projects has raised concerns about financial feasibility. Some initiatives, such as the NEOM megacity, have faced challenges related to budget overruns and delays. Analysts suggest that the kingdom may need to reassess certain projects to ensure fiscal sustainability.
In response to these challenges, Saudi Arabia is adjusting its investment strategies. The Public Investment Fund plans to reduce its foreign investment portfolio from 30% to 18%, redirecting focus toward domestic projects that align with Vision 2030 objectives. This shift aims to bolster local economic development and maximize the impact of government spending.
Starbucks has unveiled an ambitious plan to significantly increase its presence in the Middle East by opening approximately 500 new stores over the next five years. This expansion is expected to create around 5,000 jobs in the region, underscoring the company’s commitment to growth in this market. Chief Executive Officer Brian Niccol emphasized the strategic importance of this move, stating that the Middle East offers substantial opportunities […]
