Pesha Magid

A large chunk of the around $1 billion a day that is required will need to come from the private sector.

NEOM, a Red Sea urban and industrial development, is central to the prince's Vision 2030 plan to create new engines of economic growth beyond oil.

Saudi Arabia denounced Israeli attacks in northern Gaza as genocide on Thursday, telling foreign investors that some bilateral agreements it has been negotiating with Washington are "not that tied" to normalisation of its relations with Israel.

Saudi Arabia is "doubling down" on its multi-billion dollar plan to overhaul its economy and cut the kingdom's dependence on oil rents, the finance minister told an investor summit in Riyadh on Wednesday.

Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday.

Saudi Arabia narrowly failed on Wednesday to win a seat on the United Nations Human Rights Council, a blow to Riyadh's efforts to boost the country's rights reputation abroad and four years after it was rejected in a 2020 bid to join the 47-member body.

Saudi Arabia estimates its 2024 fiscal deficit will widen to almost 3% of GDP, according to a government statement on Monday, as it increases spending to boost growth and meet the objectives of its Vision 2030 economic transformation plan.

The National Shipping Company of Saudi Arabia (Bahri) has signed a purchase agreement to acquire nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation for approximately 3.75 billion Saudi riyal ($999 million), the company announced on Tuesday.

Saudi Arabia's mining minister will visit Brazil and Chile over the coming two weeks, the ministry said on Sunday, as the world's leading oil exporter seeks to expand its international presence in mining.

Hundreds of the pilgrims who died in fierce heat at this year's haj were not officially registered with the Saudi authorities, with the result that many had no access to vital services like air-conditioned buses and cool-off tents.