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Gallup Poll on Saudi Attitudes About Economy, Prosperity Sees Hope after Oil, Divide Between Saudis and Expats
A recently released Gallup poll, conducted shortly after the announcement of Vision 2030, found that nearly half of adults (48%) rate their lives well enough to be considered “thriving,” up significantly from 35% a year earlier. Such a large shift in thriving rates in a single year “is rare in any country,” Gallup said. However, there is a sharp […]
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Saudi Presents Investigation into Coalition Bombings in Yemen
An investigative committee examining charges that the Saudi-led coalition fighting against Houthi rebels in Yemen has caused civilian casualties largely defended their actions, Reuters reports. According to the Saudi Press Agency (SPA), the coalition’s investigative committee is independent and composed of representatives from six countries, all members of the Gulf Cooperation Council, in addition to […]
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Reuters Poll: Non-Oil Business Activity Slows in Gulf as Governments Tighten Spending
A recently released Reuters poll of economists finds that non-oil business activity is slowing in the Gulf because of government austerity measures, causing some to revise their economic forecasts down for the region. In 2015, growth in the GCC “began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil,” […]
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Aramco Names Ibrahim Al Buainain as Chief Executive of Its Trading Arm
Saudi Aramco has named Ibrahim Al-Buainain as chief executive of its trading arm, the company said on Tuesday, as Al-Buainain’s star continues to rise within the ranks of the energy giant. Ibrahim Al-Buainain’s promotion to CEO of Saudi Aramco Trading takes effect this month. In November 2014, Aramco named Al Buainain as head of Saudi […]
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Flare Up on Saudi Border with Yemen as Saudi Shoots Down Missile
The Saudi-led military coalition said Sunday that it shot down a ballistic missile fired at the Kingdom from Yemen, according to reports. The missile targeting the southern city of Najran was intercepted at 9:30 a.m. Saturday, a statement carried on the official Saudi Press Agency says. On the same day, Saudi-led airstrikes hit hideouts of the […]
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New Saudi Fund Created by Apicorp and Bahri Seeks to Create Biggest Tanker Fleet
A venture between Arab Petroleum Investment Corporation (Apicorp) and National Shipping Co. of Saudi Arabia (Bahri) “will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports,” according to a report in Bloomberg, which cited comments from Dr. Khalid al-Falih. The venture will create a $1.5 billion fund […]
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‘Saudi Arabia is among our closest counterterrorism partners’ CIA Chief Brennan Says
Director of the CIA John Brennan said that Saudi Arabia is “among our closest counterterrorism partners” at an event at the Brookings Institution yesterday. Brennan pointed to the enemies that both the United States and Saudi Arabia share, including the Islamic State and al-Qaeda terrorists. “The Saudi government and leadership today has inherited a history whereby there […]
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Aging Population, Pension System May Pressure Saudi Fiscal Policy, S&P Says
Saudi Arabia’s population could put greater pressure on the Kingdom’s fiscal policy and increase government debt as it ages over the next three decades, ratings agency Standard & Poor’s has warned. Saudi Arabia’s population is disproportionately young now, with over 70% of all Saudis under 30 years old. But even the smaller percentage of the population […]
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Millions Worldwide Celebrate Eid Al-Fitr, End of the holy month of Ramadan
Millions of Muslims worldwide celebrated the festival at the end of the holy month of Ramadan on Wednesday as the three-day Eid al-Fitr festival began. Eid al-Fitr festival traditionally means family gatherings and the exchange of gifts and a feast after a month of fasting from dawn until dusk. Despite two deadly terrorist attacks in […]
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‘Very Good News’ for Saudi Real Estate as Kingdom Gets Boost in Transparency Ranking, Citing Chambers of Commerce
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia’s standing to “Semi-Transparent” after recent efforts by the Chambers of Commerce in Saudi Arabia. “The formation of real estate committees in the Chambers of Commerce has highlighted the issue of low transparency in the market and encouraged more action […]
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MUST-READS
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Chefaa raises $5.25 million investment to solidify presence in Saudi Arabia
Chefaa, a patient-centric pharmacy benefits platform, has secured $5.25 million in a strategic leap from new and existing investors. It was co-led by Newtown Partners (South Africa) and Global Brain (Japan), with GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan). The investment comes after Chefaa's successful launch of operations in KSA, where Chefaa is now operating in 8 Saudi cities. Moreover, this strategic funding will support Chefaa's efforts to scale all models designed to digitise the supply chain and empower industry stakeholders, which inevitably reflect on users’ experiences and boost compliance with treatment. The main mission of Chefaa remains to lead the safe digital transformation of healthcare through a patient-centric, comprehensive approach.
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Saudi investment funds surpass one million participants milestone in Q3
According to official data, the number of subscribers in public and private investment funds in Saudi Arabia has surpassed one million for the first time. At the end of the third quarter of 2023, there were over 1.126 million subscribers, marking a significant increase compared to the same period last year when the number stood at 677,400. This represents a remarkable 66 percent growth. The real estate sector, encompassing both public and private funds, accounted for the largest number of subscribers, SPA reported.
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Visualized: How the Oil and Gas Industry Spends Its Profits
Unlike previous years, a majority of the oil and gas industry’s 2022 profits were channeled towards enhancing shareholder dividends and reducing debt burdens. This means that capital expenditure for oil and gas production dropped below 50% of total spending for the first time in more than 15 years.
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US Announces New Task Force to Counter Houthi Red Sea Threat
Austin said the countries involved in the new task force — dubbed Operation Prosperity Guardian — include the US, the UK, Bahrain, Canada, France, Italy, the Netherlands, Norway, the Seychelles and Spain. It will be run under the umbrella of a pre-existing grouping in the region, the Combined Maritime Forces, and the leadership of its Task Force 153, which focuses on the Red Sea.
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Liftoff: Airline Industry Returns to Profits in 2023
Having largely left behind Covid-related turbulences, the global airline industry emerged from the storm in 2023, returning to profitability after three years of deep losses. According to the International Air Transport Association (IATA), commercial airlines are expected to end the year with $23.3 billion in net profit, up from a loss of $3.8 billion in 2022 and significantly higher than previously expected. Back in December of last year, IATA had predicted 2023 profits to be "razor thin", projecting just $4.7 billion in industry-wide net income.
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Going Big: Assessing the Growth Ambitions of the Saudi Public Investment Fund
As its global and domestic footprint has grown, the PIF’s assets under management have risen rapidly. It is currently the world’s seventh-largest sovereign wealth fund. Looking ahead, the PIF aims to reach 4 trillion riyals ($1.1 trillion) of assets under management by 2025 and 7.5 trillion riyals ($2 trillion) by 2030.
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Nawaf al-Ahmed: A Legacy of Firsts
Nawaf al-Ahmed al-Sabah’s six-decade career was colored by a conciliatory approach, which was evident in his final post as Kuwait’s emir through deploying an unprecedented political reset and administrative overhaul.
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Opinion: Qatar May Hold the Key to Hamas’ – and Gaza’s – Future
Since the Arab Spring uprisings that began at the end of 2010, Qatar has served as Hamas’ primary patron and Doha as the home away from home for most of the exiled Hamas Politburo leadership. For over a decade, Qatar underwrote the Gaza economy by providing monthly cash infusions in part to meet the payroll of most public employees in the Hamas-run de facto government and provided other social and humanitarian support – all with the approval of Hamas’ main antagonists, the Palestinian Authority, Egypt, Israel, and the United States. Somebody had to keep food on the table for the 2.1 million Palestinians in Gaza, and Qatar was willing to do it, which essentially relieved all other actors of that burden.
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Women Opera Singers in the Gulf: Breaking Barriers With Their Voices
Trained as a soprano, with a distinctive bob haircut, Hajji dedicated herself to mastering opera, playing a central role in the rise of the genre in the Gulf over the past two decades. When she initially enrolled in Kuwait’s national conservatory in 1985, her parents prohibited her from singing in public. However, 15 years later, Hajji appeared onstage at the Cairo Opera House. Since then, she has represented her native Kuwait in performances across the world – from Italy and Turkey to Morocco and Ukraine.
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The Saudis dove further into sports in 2023. They are expected to keep it up.
At the dawn of 2023, the specter of Saudi Arabia’s growing influence on pro golf — and sports in general — served not only as a moral conundrum for players and their fans, but also, some argued, as an existential threat to the multibillion-dollar professional-sports industry itself. Twelve months later, it’s a different conversation, now virtually devoid of concern about the supposed menace of “sportswashing” and the line between “right” and “wrong,” and more fixed on just how rich the Saudis might make all these athletes before they’re done investing.
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