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  • 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 […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia to boost petrochemical industry with Basell deal

    A strategic partnership agreement was signed on Tuesday between Saudi Arabia’s petrochemical manufacturing company Alujain Corporation and Basell International Holdings, a subsidiary of LyondellBasell Industries, at the Ministry of Energy headquarters in Riyadh on Tuesday. The agreement, inked in the presence of Energy Minister Prince Abdulaziz bin Salman, outlines Basell’s acquisition of a 35 percent stake in the National Petrochemical Industrial Co. — still being developed by Alujain Corporation. And NATPET is working to build a petrochemical complex at a cost of around SR7.5 billion ($1.99 billion), the ministry said.

  • The speed of Jordan Henderson’s disillusionment reflects how great his regret must be

    Saudi Arabia had a proud history as a football nation long before its modern-day rulers began to harness the sport’s potential as part of a national and wider global strategy, but there is a difference between Fabinho playing for Al Ittihad, who attracted an average crowd of 40,453 en route to the league title last season, and Henderson playing in front of sparse crowds for Al Ettifaq.

  • Saudi Arabia very concerned about climate change and eager to set global standards, says envoy

    “We are a responsible actor in the global community and we don’t want to follow the standards, we want to set the standards for how countries should conduct themselves and what responsibilities they take on and what objectives they set, and what programs and initiatives they put in place domestically, regionally and internationally to help meet the challenge of climate change,” Adel Al-Jubeir said at the World Economic Forum in Davos.

  • Saudi Arabia’s Dammam Airport Handles Record 10.9 Million Passengers In 2023

    Dammam’s King Fahd International Airport (DMM) reported a record 16.2% annual increase in passenger traffic in 2023 to 10.9 million passengers, the highest since the airport’s inception. The recent surge in traffic aligns with the Saudi National Aviation Strategy’s objectives to achieve 330 million passengers and 4.5 million tonnes of cargo by 2030.

  • Saudi media company launches new podcast app

    Saudi-based media company Thmanyah has announced the launch of a new Arabic podcast app, Radio Thmanyah. The Radio Thmanyah application is dedicated to listening to Arabic and international podcast programmes. It will also allow creators to host their podcast show, promote it to their podcast listeners, and access monetisation opportunities. The application also introduces profiles for creators and social interactions with the content. Through the app users will be able to import their podcast libraries from existing platforms or search the catalogue for international and regional podcasts. The app will feature content from podcast shows like Funjan, Socrates, and Swalif Business, along with newsletters, and documentaries.

  • Government debt instruments set to debut on Saudi Exchange

    Saudi government-issued debt instruments worth SR5.17 billion ($1.37 billion) are set to be listed on the Kingdom’s stock exchange, following the latter’s approval of the Ministry of Finance’s request. The breakdown of this valuation includes two distinct offerings: the first, Issuance Number 10-01-2024, amounts to SR2.82 billion, and the second, Issuance Number 15-01-2024, is valued at SR2.35 billion. Saudi Exchange said in a statement that this approval is in accordance with the established listing rules, and the trading is scheduled to commence on Jan. 22, 2024.

  • Newcastle chairman faces £58m lawsuit for ‘carrying out’ malicious instructions

    Newcastle United’s chairman, Yasir al-Rumayyan, is facing a £58m lawsuit for allegedly “having carried out the instructions” of Saudi Arabia’s crown prince, Mohammad bin Salman, with “malicious intent”, it has been reported. The claims, which are said to be made in legal papers sent to Rumayyan at several locations, including at St James’ Park, also allege that he acted with the aim of “harming, silencing and ultimately destroying” the family of Dr Saad Aljabri, the kingdom’s former intelligence chief. According to the Athletic, the papers have asked a court for Rumayyan, who is also the chairman of LIV Golf, to be added to an existing case, and for a new claim to be brought against him and the others.

  • AlUla International Airport’s New Terminal, Saudi Arabia

    The Royal Commission for AlUla (RCU) launched the AlUla airport development project in August 2019. The first phase of the project was completed in the same year while the second phase was completed in July 2020, which increased the airport’s passenger handling capacity from 100,000 to 400,000 a year. In October 2023, the RCU unveiled its plans for the construction of a new airport terminal to increase the annual passenger capacity from 400,000 to six million while also enhancing the passenger experience with luxurious amenities and massive retail spaces.

  • Magic Leap secures $590M from Saudi wealth fund

    This week, Magic Leap secured $590 million from Saudi Arabia’s sovereign wealth fund, which had become the company’s majority owner in late 2022. The debt funding comes as the Plantation-based company faces new competition, with Apple’s upcoming Vision Pro headset, expected to launch next month, and The Meta Quest 3. In total, the company has raised about $4.5 billion over the years. Magic Leap has also recently undergone changes at the top. In November, Ross Rosenberg took over as CEO of the company after Peggy Johnson stepped down from the position.

  • Former Saudi ambassador: Solution in Gaza ‘doesn’t require magic’

    Prince Turki al Faisal, a former Saudi diplomat and intelligence chief, tells Christiane Amanpour the first step to peace is to "stop the killing."