Saudi Arabia has set up a new investment promotion authority as the Arab world’s largest economy aims to boost growth.
The Saudi Investment Promotion Authority (Sipa) was launched at the directive of King Salman and Crown Prince Mohammed bin Salman, who is the president of the Council of Economic and Development Affairs, the Ministry of Investment said on Wednesday.
“The establishment of Sipa will enable an integrated approach to investment between government agencies while enhancing all activities and services related to investment promotion to support partnerships between local and foreign investors,” Khalid Al Falih, Minister of Investment for Saudi Arabia, said.
The move comes as Saudi Arabia, Opec’s top oil exporter, continues to focus on attracting investment into the country to diversify its economy away from oil.
In October, Prince Mohammed launched the National Investment Strategy, which seeks to attract 388 billion riyals ($103.47bn) in foreign direct investments annually, according to the state-run Saudi Press Agency.
The kingdom also expects to increase its domestic investment to about 1.7 trillion riyals by 2030 under the new strategy.
“The launch of Sipa is made possible by the kingdom’s first National Investment Strategy, which seeks to unleash the potential of the kingdom’s strong market fundamentals and the breadth and depth of opportunities created by Vision 2030,” the Ministry of Investment said.
“The strategy aims to increase investment to 30 per cent of GDP [gross domestic product], and catalyse the growth of emerging sectors in the economy.”
In the first quarter of this year, the kingdom signed investment deals worth more than $4bn in sectors including entrepreneurship, advanced manufacturing, defence, information and communications technology, petrochemicals and conversion industries.
Among the big deals announced during the quarter was the $3.4bn investment by US-based Lucid Motors to set up an electric vehicle factory in Saudi Arabia with a production capacity of 155,000 units a year.
Saudi Arabia also signed 13 investment agreements on the sidelines of US President Joe Biden’s visit to the kingdom last month.
The agreements covered sectors including energy, aerospace, defence, textiles, manufacturing, education and tourism, the Ministry of Investment said at the time.
The kingdom's economy in the first quarter of 2022 experienced the highest rate of growth in the last 10 years amid increased activity in the oil sector, government data showed.
The country’s economy is forecast to grow 7.6 per cent in 2022 and 3.7 per cent in 2023, after expanding 3.2 per cent last year, according to the International Monetary Fund.
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
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What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
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Power: 659hp
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Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
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3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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