Stories from Riyadh · Saudi Arabia

The Saudi Fashion Commission is organizing a virtual open meeting focused on the resale fashion market in Saudi Arabia. The initiative aims to support the national fashion ecosystem by addressing changing market trends and consumer behavior.

Funds from Saudi Arabia, the United Arab Emirates, and Qatar are set to invest $24 billion into a mega-merger between Paramount and Warner Bros. Discovery. The investment would result in these funds holding a 38.5% stake in the new entity.

US military bases in the Middle East are reportedly adopting drone defense technology brought into the region by Ukrainians. This interest follows costly setbacks, including a March attack on Prince Sultan Air Base in Saudi Arabia involving drones and missiles.

Cristiano Ronaldo stated he continues to enjoy playing football despite acknowledging his retirement is approaching. The announcement follows him reaching a milestone of 970 professional goals.

Al Hammad Holding has invited shareholders to participate in an ordinary general assembly meeting. The meeting will discuss several items, including the disbursement of member bonuses valued between 1.5 million and 1.8 million riyals.

The US Energy Minister stated on Tuesday that the United States has begun providing military escorts for tankers. One tanker was reportedly escorted through or out of the Ormuz Strait in Saudi Arabia. Following this announcement, markets reacted with enthusiasm, causing stock prices to rise and oil prices to fall. The source noted that the Trump administration's actions remain unpredictable.

Construction of a 50 billion dollar skyscraper in Riyadh was suspended in January. Stephen A. Cook, a senior fellow for Middle East and Africa Studies at the Council on Foreign Relations, discussed the financial implications of Saudi projects. The suspension follows a period of shifting focus toward domestic projects. Saudi Foreign Minister Prince Faisal bin Farhan met with French Foreign Minister Jean-Baptiste Salambey in Riyadh. The officials reviewed bilateral relations and discussed ways to strengthen ties between the two nations. They also discussed regional and international developments and their implications for security.

The Saudi Public Investment Fund has lost over one billion US dollars according to reports. The fund's aggressive investment strategies have caused friction within the professional golf community, specifically regarding the PGA and LIV Golf. The fund is expected to appoint an independent board of members following the departure of its Governor. Liv Golf has confirmed that it will no longer receive funding from Saudi Arabia's Public Investment Fund. The cessation of funding is scheduled to take effect at the end of the current season. Liv Golf is expected to lose funding from the Saudi Kingdom's public investment funds by the end of this season. The loss of support comes from the Kingdom's public investment funds. The source did not specify the exact date of the funding cessation beyond the end of the current season.

Mexican boxer Canelo Alvarez has been contracted for four fights in a deal worth $900 million. The agreement follows previous tensions between the boxer and a Saudi Arabian sheikh. The sheikh reportedly retracted previous criticisms of Alvarez's skills to secure the deal.

The General Transport Authority reported that more than 45 million passengers were transported via the Kingdom's aviation sector during the first quarter of this year. Saudi Arabia has massively scaled back the planned desert city of Neom. Construction of a 50 billion skyscraper over Riyadh was also suspended in January. Cook of the Council on Foreign Relations discussed these developments regarding Saudi Arabian spending. These developments follow discussions regarding the kingdom's financial capacity, according to the BBC World Service. The kingdom must fund major upcoming events including the World Expo and the World Cup. The source noted that the country cannot print money to meet these obligations and is currently prioritizing projects. This reassessment follows the Crown Prince's previous commitment to these large-scale developments.