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  • Saudi Arabia Switches to Gregorian Calendar
     

    Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]

     
  • Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
     

    Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally.  Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]

     
  • Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
     

    A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]

     
  • Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
     

    Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]

     
  • New Desalination Technology at KACST in Saudi Arabia ‘Opens Doors to Higher Worldwide Clean Water Sources’
     

    The first worldwide adsorption water desalination and cooling plant has been successfully implemented by King Abdulaziz City of Science and Technology (KACST) in August 2016, the university said in a press release, as the Kingdom continues to be a global leader in desalination technology. Adsorption Desalination and Cooling (ADC) is a newly invented technology, co-owned […]

     
  • President Obama to Veto JASTA Bill
     

    White House Press Secretary Josh Earnest said on Monday that U.S. President Barack Obama will veto the controversial Justice Against Sponsors of Terrorism Act (JASTA) passed by congress last week, setting up a showdown with Congress. Earnest reiterated the White House’s fear that the measure would expose U.S. citizens to legal action overseas if foreign countries pass […]

     
  • Hajj 2016 Begins: Millions Gather in Saudi Arabia
     

    An estimated two million pilgrims have converged in Saudi Arabia for the start of the annual Hajj pilgrimage today, lasting until Wednesday, September 13th. The hajj is one of the five pillars of Islam, which capable Muslims must perform at least once, marking the spiritual peak of their lives. Worshippers from more than 150 countries will embark on […]

     
  • U.S. House to Allow Vote on Controversial JASTA Bill This Week
     

    The U.S.  House of Representatives will vote this week on a bill allowing the families of 9/11 victims to sue Saudi Arabia in U.S. courts, a Republican leadership source told Politico Wednesday. The highly-politicized Justice Against Sponsors of Terrorism Act (JASTA) bill, which President Obama said would receive his veto should it make it to […]

     
  • Report: $20 Billion in Projects may be Canceled; Ministerial Budgets Squeezed as Saudis Adapt to Low Oil Prices
     

    A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices. The budget cuts to some ministries could be as much as 25%, the Bloomberg report said.  Overall, the government is […]

     
  • Jadwa: Economic Data for July Shows ‘Mixed Picture’ for Saudi Economy
     

    Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed “a mixed picture in economic activity,” the Riyadh-based investment firm said, noting that data on point-of-sale transactions and ATM withdrawals showed a notable slowdown in July, while the non-oil PMI rose to a 2016 high. The Saudi unemployment rate rose slightly to 11.6 […]

     

MUST-READS

  • Rafael Nadal to help expand tennis in Saudi Arabia in new role as ambassador

    Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).

    As part of his new position, Nadal, who made a recent surprise visit to a junior tennis clinic in Riyadh hosted by the STF, will spend dedicated time in Saudi Arabia each year to help nurture and plan the development of boys and girls in the sport as well as grow further interest in tennis amongst the country’s young population.

  • Nadal senses growth opportunity in Saudi, Swiatek on the fence

    Rafa Nadal believes there is a big opportunity to grow tennis in Saudi Arabia after the 22-times Grand Slam champion was named an ambassador for the Saudi Tennis Federation, but Iga Swiatek is on the fence about the women's game potentially heading there.

    Nadal's role will see the former world number one spend time each year in the desert kingdom to help train children and grow interest in the sport, with plans also in the pipeline for a training academy, the Saudi federation said.

  • Saudi Inflation Hits Two-Year Low in December

    Saudi Arabia’s inflation slowed to 1.5 percent in December 2023, compared to 1.7 percent in the previous month, official data showed. This places the Kingdom second among G20 nations for the lowest inflation rates, following the Netherlands at 1.2%.

    According to the latest report from the General Authority for Statistics, the average inflation for all of 2023 was 2.3%, down from 2.5% in 2022. This falls below the Ministry of Finance’s prediction of 2.6% for 2023, as outlined in the 2024 budget statement.

  • Saudi Arabia charts collaborative path at Davos in meeting with WEF Leaders

    The Saudi delegation to Davos, led by Foreign Minister Prince Faisal bin Farhan, convened with World Economic Forum founder Klaus Schwab and its President Borge Brende during their participation in the forum’s 2024 edition. In the discussion, strategies were evaluated to bolster collaboration between the Kingdom and the World Economic Forum, addressing immediate and future challenges in economic and human development, the Saudi foreign ministry said. Throughout the week, the Kingdom's delegation is set to engage in a number of high-level sessions and bilateral meetings.

  • Giga Projects will Continue to Aid Construction Market Growth in Q1 2024

    Projects like the Neom and the Red Sea resorts will drive construction spending in the Kingdom over the next three to four years, thereby supporting the growth of the construction industry. As part of its 2030 ambitious plan, the Kingdom is also launching new airports as it seeks to transform itself into a global tourism destination. Overall, the publisher maintains a robust growth outlook for the Saudi Arabian construction industry over the next three to four years.

  • Ronaldo and Neymar brought global attention to Saudi league. Now the focus turns to national team

    Saudi Arabia hasn’t won the Asian Cup since 1996, but comes into the tournament having produced one of the biggest shocks in World Cup history when beating eventual champion Argentina in Qatar in 2022.

    “The Argentina win served as a motivation for us, it made us realize we can beat any team,” said Saleh Al Shehri, who scored in that famous 2-1 win. “Yes, the pressure on us increased, but any player who wears the colors of Saudi Arabia will do their best every time.”

  • Residents in Saudi Arabia must now pay rent digitally via Mada or SADAD

    Residential rent payments in Saudi Arabia must be made exclusively through digital channels, according to the Real Estate General Authority.
    The digital payment methods are Mada or SADAD, with the biller number 153.
    Electronic vouchers will gradually cease issuance for new residential contracts, as payments will be automatically settled when made through digital channels, eliminating the need for printed receipts.

  • A pioneering Saudi insurer with a global dialogue focus

    Tawuniya has been at the forefront of integrating artificial intelligence (AI) into operations, revolutionizing customer experiences, streamlining processes, and optimizing risk management, is reaffirming its commitment to shaping and adapting to the future with a strategy that is in line with emerging trends.

  • Saudi Eurofighter Sale Could Reinforce Riyadh’s Air Defenses After Depleting Yemen Campaign

    Germany’s recent decision to lift its years-long ban on a British sale of Eurofighter Typhoon fighter jets and supply IRIS-T medium-range air-to-air missiles to Saudi Arabia is undoubtedly welcomed by Riyadh.

    Aside from bolstering the kingdom’s modern air force, the sale will reinforce Saudi capabilities against armed drones coming from Yemen. However, one shouldn’t expect Riyadh to engage in anything other than defensive actions against the Houthis there.

  • Saudi Eurofighter Sale Could Reinforce Riyadh’s Air Defenses After Depleting Yemen Campaign

    Germany’s recent decision to lift its years-long ban on a British sale of Eurofighter Typhoon fighter jets and supply IRIS-T medium-range air-to-air missiles to Saudi Arabia is undoubtedly welcomed by Riyadh.

    Aside from bolstering the kingdom’s modern air force, the sale will reinforce Saudi capabilities against armed drones coming from Yemen. However, one shouldn’t expect Riyadh to engage in anything other than defensive actions against the Houthis there.

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