QUOTED

“The overall economy was weighed down by shrinkage of 6.4% in the country’s oil sector, according to data released Tuesday by the General Authority for Statistics. Overall growth for 2019 is expected to accelerate to a modest 0.4%, according to the latest government estimates, before climbing to 2.3% next year.”

–Abeer Abu Omar, Bloomberg journalist, reporting about the Saudi economy in 2019 and projections for 2020. [Bloomberg.com]

TOP STORY

Riyadh’s Night Skies Light Up with New Years Fireworks for the First Time

The night sky over Riyadh was illuminated with fireworks and light shows to celebrate the beginning of the new decade last night. [more]

MORE TOP STORYLINES

Saudi Market Witnesses 7% Growth in 2019

in aawsat.com : The Saudi stock exchange total gains in 2019 amounted to 7 percent, especially with the Aramco IPO and traders rushing to buy its shares. The Saudi stock index closed at levels nearing 8,400 points at the end of 2019 trading, and managed during recent transactions to establish important technical support points, which is required for a positive performance of most of the shares of traded companies.

Saudi mortgage loans surge in 2019, with $18bn offered in year up until November

Via Gavin Gibbon in arabianbusiness.com : Residential villas proved the most popular when it came to mortgage funding, with SR7.192bn ($1.918bn) provided; while residential apartments were funded to the tune of SR1.3bn ($347bn); followed by residential lands at SR546m ($145.6m).

US readies 4,000 troops for deployment to Middle East amid Baghdad unrest: report

Via John Bowden in thehill.com : As many as 4,000 U.S. troops are reportedly on standby for possible deployment to Kuwait after demonstrators, including members of an Iranian-backed militia, breached the walls of the U.S. Embassy compound in Baghdad.

Saudi Arabia’s minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement

The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain....[By Elias Al Helou via economymiddleeast.com]

Saudi Arabia’s crude oil production reaches seven-month high in February

Saudi Arabia’s crude oil production reached in February 2024 a seven-month high of 9.01 million barrels per day (bpd), according to data from the...[By Elias Al Helou via economymiddleeast.com]

Saudi Arabia could hit 130 GW of renewables by 2030, says GlobalData

GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023...[By Patrick Jowett via pv-magazine.com]

Saudi holdings of US Treasuries fall to $130.5B in February

Saudi Arabia’s holdings of US Treasuries reached $130.5 billion in February 2024, down $3.2 million month-on-month, new data released by the US Treasury showed. Accordingly, the...[via argaam.com]

Saudi Arabia starts reducing payment of accumulated traffic fines by 50% today

The General Department of Traffic (GDT) started today, April 18, reducing the payment of accumulated traffic fines by 50%. The decision applies traffic violations committed by Saudi nationals,...[via argaam.com]

Saudi Film Fest Sets Star Of Ramadan Hit ‘Sekket Safar’ Mohammed Elshehri As Master Of Ceremonies

Rising Saudi Star Mohammed Elshehri has been announced as master of ceremonies at the 10th edition Saudi...[By Melanie Goodfellow via deadline.com]

Saudi Venture Capital invests in 40 funds

Saudi Venture Capital Company (SVC) released today its recent “Impact Report”, which revealed SVC’s contribution to achieving record growth rates. The report highlighted the impact...[via maaal.com]

Pakistan says will continue ‘constructive engagement’ with Riyadh to enhance economic, strategic partnership

Pakistan’s foreign office said on Friday the South Asian country would continue its “constructive engagement” with the Kingdom of Saudi Arabia to enhance economic and...[via arabnews.com]

‘Saudi hospitality sector to generate SR42 billion investments and 120,000 jobs by 2030’

Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to...[via saudigazette.com]

US confirms $240m in military sales to Iraq, Saudi Arabia

The Defense Security Cooperation Agency has approved the sale of C-172 and AC/RC-208 aircraft contractor logistics support and training to Iraq, and multifunctional information distribution...[via defenceconnect.com]

Manal AlDowayan on her work for the Venice Biennale

“I’ve been going to Venice for about 12 years,” AlDowayan tells Arab News. “The first time I showed there, I knew in my heart that...[By Rawaa Talass via arabnews.com]

IMF Boosts Saudi Arabia’s 2025 Growth Forecast Again, Making it Second-Fastest Growing Economy

The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the...[via spa.gov]

Saudi Arabia Needs Oil Price Near $100, IMF Says

Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels...[By Grant Smith and Abeer Abu Omar via yahoo.com]

Saudi pavilion at Venice Biennale charts the evolving role of women in the kingdom

Saudi visual artist Manal Al Dowayan is known for her research-based, participatory practice, placing community voices at the forefront of her...[By Maghie Ghali via thenationalnews.com]

Iraq

US troops fire tear gas at pro-Iran protesters in Iraq

The militiamen were protesting deadly U.S. airstrikes that targeted Kataeb Hezbollah on Sunday, killing 25 fighters. Those strikes were in response to a rocket attack...[By Qassim Abdul-Zahra via apnews.com]

U.S.-Iran

Trump threatens Iran over violent protest in Iraq

Mr Trump tweeted that Iran "will pay a very big price" for any damage or loss of life. "This is not a warning, it is...[via bbc.com]

New York Times - Trump Warns Iran as Risk of Wider Armed Conflict Grows

U.S.-China

Top US diplomat Mike Pompeo to raise Uygur issue with Beijing’s allies on upcoming Central Asian tour

During his visit to eastern Europe and central Asia from Friday through January 7, Pompeo will conduct meetings with representatives from a number of countries...[By Owen Churchill via scmp.com]

Libya

Airstrike kills 3 in Libya’s Tripoli

Three civilians were killed in an airstrike that hit a civilian area in southern Libyan capital Tripoli, the UN-backed government's forces said in a statement. The...[via xinhuanet.com]

BBC - Turkey has submitted a bill to parliament to allow it to deploy troops in Libya

Fatah

Palestinian Fatah marks 55 years with West Bank marches

Established by Yasser Arafat in 1965, Fatah led the armed struggle against Israel for decades as the main component of the Palestine Liberation Organization. The...[via stripes.com via AP]

Egypt

Egypt draws ire with artifacts’ move to busy Tahrir Square

Egypt’s recent decision to transport ancient Pharaonic artifacts to a traffic circle in the congested heart of Cairo has fueled fresh controversy over the government’s...[via washingtonpost.com]

Egyptian Independent - Egypt’s Sphinx Airport receives first international flight

Decades

Perspective: A new decade presents new opportunities for the Middle East

The region endured more than its share of tragedies in the 2010s. We must reflect on them to avoid repeating the same mistakes in the...[via thenational.ae]

Washington Post - Perspective: Expect a tumultuous 2020 in the Middle East.