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  • Three New Ventures by MiSK to Boost Innovation, Training and Investment
     

    Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]

     
  • Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
     

    Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]

     
  • ‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
     

    Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • 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 […]

     

MUST-READS

  • How Houthi attacks on ships in the Red Sea threaten Israel’s economy

    While Israel, which relies on the Mediterranean more heavily than the Red Sea, has proved resilient, experts warn that the attacks already pose a threat to Israel’s economy and could come to take a greater toll if they persist in the face of U.S.-led airstrikes.

    The Port of Eilat, Israel’s toehold on the Red Sea, has seen an 85 percent drop in shipping activity, its chief executive told Reuters last month. Without a reversal, “unfortunately we will likely have to furlough workers,” he told the Jerusalem Post.

  • Saudi Arabia launches first administrative enforcement court

    President of the Board of Grievances and Administrative Judicial Council, Khalid bin Mohammed Al-Yousef, launched today, Jan. 22, Saudi Arabia’s first Administrative Enforcement Court.   The enforcement law on judicial rulings and administrative documents helps the Kingdom achieve judicial security and contributes to supporting the investment environment, social and tourism development, and the means of attracting them, the board said in a statement.

  • Saudi Arabia’s Vision 2030 shines at Davos 2024

    Several statements made by the Saudi delegation at the Davos 2024 Forum underscored the economic dimension of the Kingdom’s journey toward achieving Vision 2030 and its commitment to economic diversification.

  • How Saudi Arabia is reshaping transportation infrastructure amid climate change challenges

    A 2022 report by the King Abdullah Petroleum Studies and Research Center, titled “Mitigating Transportation Emissions in Saudi Arabia,” revealed that the transportation sector accounts for 33.33 percent of global energy consumption, ranking second only to the industrial sector.

  • Saudi tourism efforts to get a boost with forum in Riyadh

    Saudi Arabia’s capital is all set to host the second Saudi Tourism Forum as the country strives for 100 million tourists annually by 2030. The event, which will take place at the Riyadh International Convention and Exhibition Center on Jan. 22-24, aims to strengthen collaboration among all stakeholders within the Saudi tourism sector and enhance awareness regarding investment and development opportunities in the industry.

  • Top 5 Business Sectors in Saudi Arabia in 2024

    Saudi Arabia’s economy has reached a significant milestone, crossing the $1 trillion GDP mark for the first time in its 91-year history, ranking it as the 19th country globally to achieve this feat. The World Bank forecasts that Saudi Arabia’s GDP will grow by 4.1% in 2024, driven mainly by sectors other than oil. The Kingdom also leads venture capital fundraising in the MENA region, with Saudi startups raising $1.4 billion in 2023. This amount represents a 33% increase from the previous year, accounting for over half of the venture capital funding in the Middle East and North Africa.

  • Russia Jumps Saudi to be China’s Biggest Oil Supplier in 2023

    Russia shipped a record 107 million metric tons of crude oil to China last year, equivalent to 2.14 million barrels per day (bpd), data from Chinese customs showed

  • Saudi Arabia beat nine-man Kyrgyzstan to move into Asian Cup knockouts

    Saudi Arabia qualified for the Asian Cup knockout stage after they beat Kyrgyzstan 2-0 in a one-sided Asian Cup group game on Sunday at the Ahmed bin Ali Stadium where two Kyrgyz players were sent off for reckless fouls.
    The result moved Saudi Arabia to six points at the top of Group F while Thailand are two points behind in second after they drew 0-0 with Oman (one point) earlier on Sunday. Kyrgyzstan are bottom after losing both their games.

  • Riyadh hosts star-studded Joy Awards 2024, honors Anthony Hopkins and Eva Longoria

    The Joy Awards 2024, held in Riyadh, brought together a constellation of stars from the Arab world and beyond, in a night that celebrated achievements in entertainment and the arts.

    The awards, now in their fourth year, are part of Saudi Arabia's Vision 2030 Quality of Life Program, aiming to establish the Kingdom as a premier cultural and touristic hub.

  • New regulations to control quantities of special goods; beverages for foreign embassies in Saudi Arabia

    In a step which aims to counter “improper exchange of special goods and alcoholic beverages received by the embassies of Non-Muslim countries inside Saudi Arabia”, Arab News has obtained information of a new regularity framework to be implemented — in accordance with the Vienna Convention On Diplomatic Relations 1961 — to curb the uncontrolled importing of these special goods and liquors within the diplomatic consignments.

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