logo
Semafor appoints Saudi Arabia bureau chief as part of regional expansion

Semafor appoints Saudi Arabia bureau chief as part of regional expansion

Arab News09-07-2025
DUBAI: Semafor has appointed Matthew Martin as its Saudi Arabia bureau chief and global head of sovereign wealth fund coverage as the news platform expands its Gulf edition.
He will head the growing team in Riyadh and be a part of the wider editorial staff led by Semafor Gulf editor Mohammed Sergie.
Martin, who has over two decades of journalistic experience, was most recently Bloomberg's chief correspondent for SWFs in the Middle East and North Africa region.
His focus was the role of SWFs in promoting local economies, diversification, investing for a post-oil future, and projecting soft power internationally.
Prior to this, he served as Bloomberg's Saudi Arabia bureau chief and was responsible for the network's coverage of Saudi Arabia, Bahrain and Yemen.
He has been with Bloomberg since 2013, and moved from Dubai to Riyadh in January 2021, where his reporting focused on Saudi Arabia, particularly Aramco and the Kingdom's Public Investment Fund.
'Matt is the definitive reporter on one of the world's biggest stories, Saudi Arabia's transformation of itself and much of the world around it,' said Ben Smith, co-founder and editor-in-chief of Semafor.
Martin's appointment 'marks a major step forward in Semafor's ambition to become the leading global media presence in the Gulf,' said Justin Smith, co-founder and CEO of Semafor (no relation to Ben).
He added: 'We are not just covering the region but also how the ascendant Gulf story relates to the key corridors of US power and influence — Washington D.C., Wall Street and Silicon Valley — as well as the emerging ties between the Gulf and the African continent through collaborations with our Semafor Africa edition.'
As Semafor continues to expand, its reporting will soon 'closely track Gulf-Asia and Gulf-EU corridors of influence as well,' Justin Smith said.
Semafor Gulf launched in September 2024, marking the firm's third edition, joining its US and sub-Saharan Africa newsletters.
Since then, the platform's reporting has included the UAE's plan to invest $1.4 trillion in the US, the state of foreign consulting in Saudi Arabia, OPEC+ strategy, and Gulf-Israel relations.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Saudi reserve assets rise to $459bn in May on foreign deposit surge
Saudi reserve assets rise to $459bn in May on foreign deposit surge

Arab News

timean hour ago

  • Arab News

Saudi reserve assets rise to $459bn in May on foreign deposit surge

RIYADH: Saudi Arabia's official reserve assets reached SR1.72 trillion ($459 billion) in May, marking a roughly 4.5 percent increase from the previous month. Data from the Saudi Central Bank, also known as SAMA, shows the reserve boost was primarily driven by a jump in foreign currency and deposits held abroad, which surged 15.5 percent from April to SR671.27 billion — the highest level in nearly six years. The rise in reserves comes as Saudi Arabia navigates a shifting global economic landscape marked by volatile oil prices and rising project-driven imports. While oil revenues remain a core contributor to external inflows, the Kingdom has also seen growing non-oil export activity and expanding tourism receipts under its Vision 2030 diversification push. These factors, along with disciplined financial account management, have supported external balances and bolstered reserve accumulation, even as the current account surplus narrows. Despite this sharp monthly uptick, reserves were still about 2 percent lower compared to May of the previous year, according to SAMA data. The central bank's largest reserve component — investments in foreign securities — fell by roughly 2 percent month on month to around SR955 billion. Together, these two categories — foreign currency deposits abroad and foreign securities — accounted for approximately 94.5 percent of Saudi Arabia's total reserve assets in May. This suggests a deliberate allocation of reserves into more liquid foreign deposits, even as longer-term foreign securities slightly declined. Shifting more funds into overseas bank deposits could enhance liquidity, allowing the Kingdom quicker access to reserves when needed. Other components include monetary gold, which has remained unchanged at SR1.62 billion since 2008; Special Drawing Rights, or SDRs, steady at SR80.16 billion; and Saudi Arabia's reserve position at the International Monetary Fund, totaling SR12.65 billion. The IMF reserve position reflects the amount the Kingdom can access on demand from the fund without any conditions attached. According to a January report from Fitch Ratings, in 2024, Saudi Arabia had strong foreign financial reserves. It could cover 14.4 months' worth of imports and external payments using its reserves — well above the average of around 2 months for countries with a similar credit rating. Also, Saudi Arabia's net foreign assets — total assets abroad minus external liabilities — stood at 63.7 percent of gross domestic product, compared to an average of just 8.7 percent for other 'A'-rated countries. This highlights the Kingdom's robust financial cushion. Overall, the rise in reserves to SR1.72 trillion, driven by strategic allocation to foreign deposits and sustained by prudent reserve management, signals continued resilience and confidence in Saudi Arabia's economic fundamentals. This upward trend also enhances the Kingdom's ability to absorb external shocks, maintain currency stability, and support long-term investment goals aligned with Vision 2030.

New low-cost Saudi airline to operate from Dammam
New low-cost Saudi airline to operate from Dammam

Al Arabiya

time2 hours ago

  • Al Arabiya

New low-cost Saudi airline to operate from Dammam

The Saudi General Authority of Civil Aviation announced on Sunday that an alliance consisting of Air Arabia, Kun Investment Holding and Nesma won a bid to operate a new low-cost Saudi national airline operating from the King Fahd International Airport in Dammam. The authority said in a post on X that the new airline aims to enhance 'air connectivity for the Eastern Region, increase seat capacity, and to provide competitive travel options for passengers.' The new airlines will also operate domestic and international flights with the capacity of 57 international destinations and 24 local destinations. It also aims to carry around 10 million passengers annually. Developing

Eastern Province Governor launches master plans for three airports
Eastern Province Governor launches master plans for three airports

Argaam

time2 hours ago

  • Argaam

Eastern Province Governor launches master plans for three airports

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Province, unveils today, July 20, the master plan for King Fahd International Airport, along with its new corporate identity. This is in addition to launching the master plans for the airports of Al-Ahsa and Al-Qaisumah. The Prince also rolls out the strategic plan for Dammam Airports and inaugurates a package of integrated development projects with a total value exceeding SAR 1.6 billion. The package includes the execution of 77 development projects aimed at upgrading infrastructure and enhancing the passenger experience, in line with Saudi Arabia's Vision 2030 goals for the aviation sector.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store