The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
Defense & Security
U.S. Approves Hellfire, AIM-9X Missiles Sale to Saudi Arabia
The U.S. State Department has approved three foreign military sales to the Kingdom to enhance Saudi Arabia’s air defense capabilities and support its self-defense and regional security missions.
Raytheon Saudi Arabia and Lockheed Martin Corporation are members of the Business Council.
U.S. Approves $440 Million Arms Deal with Saudi Arabia for Sale of TOW Missiles, Pentagon Confirms
The U.S. government has approved a potential sale of TOW 2A and TOW 2B missiles to Saudi Arabia in a deal valued at $440 million (SR1.65 billion), the Pentagon announced.
RTX Corporation/Raytheon Saudi Arabia is a member of the Business Council.
Investment
Saudi Arabia Taps BlackRock to Build Mortgage-Backed Securities Market
Saudi Arabia has hired BlackRock, the world’s biggest fund manager, to help it develop a market for mortgage-backed securities as the Kingdom looks to improve the affordability of its housing stock.
Goldman Sachs Opens Office in Riyadh’s Giant Financial District
Goldman Sachs Group Inc. has opened a new office in the financial district of Saudi Arabia’s capital Riyadh, deepening its presence in the largest Middle Eastern economy.
Construction & Real Estate
Hill International Secures PMC Contract for Key Saudi Airports
Hill International has been awarded a major contract by Dammam Airports Company to provide project management consultancy services for multiple improvement projects at its key projects: King Fahd International, Al Ahsa International, and Al Qaisumah International airports.
ICT
PIF Partners with Google Cloud to Create AI Hub in Saudi Arabia
Saudi Arabia’s Public Investment Fund has formed a strategic partnership with Google Cloud to establish an advanced artificial intelligence hub near Dammam in the Eastern Province.
Tourism & Entertainment
PFL Returns to Saudi Arabia for 2024 World Championship Event
During the PFL: Battle of the Giants press conference, PFL CEO Peter Murray announced that their annual World Championship card will take place in Riyadh on Nov. 29, 2024. Six fighters will walk away with season championships, along with the grand prize of $1 million (SR3.75 million.)
Professional Fighters League is a member of the Business Council.
A new studio called WeirdBunch Entertainment, which aims to make Marvel-like content with a Middle-Eastern flavor, is being launched by a group of industry executives with offices in Saudi Arabia and Los Angeles.
