Diligencia has announced beginning of July a new partnership with Red Sea Global, the visionary developer owned by Saudi Arabia’s Public Investment Fund (PIF), that will enable Red Sea Global to forge new business relationships whilst meeting the highest standards of regulatory compliance.
Despite a stated wish to see more participation from international companies and a tendency to favour the younger generation, Crown Prince MbS has entrusted the majority of giga-project contracts to Saudi companies that are decades old, mainly in private hands and often held by generations of the same family.
The Covid-19 pandemic has put huge pressure on government finances in Saudi Arabia, but the Kingdom has nonetheless pressed on with Crown Prince Mohammed Bin Salman’s favoured giga-projects.
Research by Gulf States Newsletter, supported by data provided by Diligencia, shows the bulk of contracts have gone to some of the Kingdom’s most long-established companies.
The Biden administration’s Iran policy and whether the US will return to the Joint Comprehensive Plan of Action (JCPOA) is being seen as a key part of its foreign policy agenda for the Middle East region…
In the Middle East region, the first full week of 2021 has delivered a long-awaited reconciliation between Qatar and Saudi Arabia1, which culminated in the lifting of a regional travel and trade embargo as well as a visit by emir Sheikh Tamim to Riyadh last week.