MUST-READS

• Saudi Denies Providing Oil Supplies For U.S Military Targeting Houthis

  A Saudi official has denied reports that Riyadh is providing logistical support for the U.S. air strikes targeting Yemen’s Houthis, Reuters reports. Speaking to the Saudi news network Al-Arabiya, the official denied allegations that Riyadh is providing oil supplies for the ongoing military operations in Yemen. U.S. President Donald Trump ordered military operations in Yemen targeting Houthi sites, whom he described as “terrorists”. U.S. officials expect the American strikes to continue for days, or possibly weeks. The Red Sea is one of the world’s most densely packed shipping channels and the most significant waterway connecting Europe to Asia and East Africa. About 12% of global trade, including 30% of global container traffic, passes through the Red Sea, meaning that delays there can potentially affect fuel prices as well as the availability of various commodities and electronics.

• Saudi Arabia carries out arrests over sex work and ‘immoral acts’

  Saudi Arabia has carried out dozens of arrests in connection with sex work, street begging and human trafficking, days after a new unit was set up to tackle such issues. Last month, the interior ministry announced the creation of the General Department for Community Security and Combating Human Trafficking Crimes. Over 50 arrests have been made thus far, with the unit targeting mostly non-Saudi nationals. Three foreigners were arrested by police in Riyadh over allegations of “practising prostitution” in a hotel. Elsewhere in the Saudi capital, 14 Yemenis were arrested for “exploiting 27 children of the same nationality in begging”.  The interior ministry said that the remit of the unit was to combat crimes “that violate personal rights, degrade fundamental freedoms guaranteed by Sharia and the law, or violate the dignity of individuals in any way”.

• Dougie Freedman leaves Crystal Palace role for move to Saudi Arabia second tier

  Crystal Palace have confirmed that Dougie Freedman has left his role as sporting director, with the former Scotland forward expected to join a club that has just been promoted from Saudi Arabia’s third tier. In a surprise turn of events, Palace announced on Monday evening that Freedman would be leaving with immediate effect “to take up a role overseas”. It is understood that he is poised to become sporting director of Al-Diriyah, who have been playing in Saudi Arabia’s second division but have been promoted as champions after the season finished at the weekend. Their ownership was transferred to Diriyah Company, owned by the Public Investment Fund (PIF) in July, with Crown Prince Mohammed bin Salman named as chair.

• Saudi Re reports 282% rise in net profit for 2024

  Saudi Re has reported net profit after zakat (a religious obligation for all Muslims who meet the necessary wealth criteria) of SAR 475 million for 2024, reflecting a 282% increase from 2023, driven by improved underwriting results. During the year, the reinsurer’s underwriting results improved significantly, with net reinsurance results increasing by 19% year on year. Further, gross written premiums (GWP) increased by 48% to SAR 2.36 billion, driven by growth across all lines, locally, and internationally.

• Saudi Tourism Launches “Ramadan Lights” to Share the Magic of the Season

  Saudi’s national tourism brand, ‘Saudi, Welcome to Arabia’, is announcing “Ramadan Lights” – the next phase of its global tourism campaign “This Land is Calling”. Ramadan is traditionally a time for family and reflection, and the country truly comes alive as the sun sets. Saudi, as the Heart of Arabia, invites visitors to experience the season across several destinations: Riyadh, Jeddah, AlUla, and the Saudi Red Sea – and partake of the famed hospitality of its people. Visitors can enjoy the calm ebb and flow of the days, engage in sporting or leisure activities at the Saudi Red Sea, take in heritage sites in Jeddah, AlUla, or Riyadh, or thrill in the souks and malls that thrum with activity in the evenings. A safe destination for women as well, Saudi is increasingly popular among those seeking authentic, immersive experiences.

• What does Saudi Arabia’s credit upgrade signal?

  Standard & Poor's upgraded Saudi Arabia's credit rating to “A+” from “A”, with a “Stable” outlook. The three global rating agencies (Moody's, Standard & Poor's and Fitch) have reiterated the creditworthiness of the Kingdom's sovereign debt. Moody's earlier assigned the Kingdom an “Aa3” rating, while S&P and Fitch rated “A+”, which reflects the improved confidence in the Saudi economy, especially in light of the success of the Kingdom's strategy to diversify sources of income and enhance fiscal sustainability. A higher credit rating is especially important for determining the interest an issuer must pay, as the higher the rating, the lower the interest rate, and vice versa.

• Saudi market performance since 2020 COVID-19 bottom

  Five years have passed since the Tadawul All-Share Index (TASI) reached the bottom in March 2020. The benchmark hit its lowest level since 2016, falling 5.2% to 5,960 points, as several stocks declined to their daily limit. The market decline during that session was driven by the impact of the COVID-19 pandemic, as Saudi Arabia decided to intensify precautionary measures to curb the spread of the virus. Closing at 11,854 points, the index has leapt 99%, or 5,894 points, compared to its bottom on March 16, 2020.

• Saudi Mining Licenses Reach 2,401 by End of 2024

  The Ministry of Industry and Mineral Resources announced that the number of valid mining licenses in Saudi Arabia reached 2,401 by the end of 2024. These licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations. According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

• At least 274 Kenyan workers dead in Saudi Arabia over past five years

  At least 274 Kenyan workers, most of whom are women, have died in Saudi Arabia over the past five years despite being a young workforce in non-dangerous jobs, according to a New York Times report published on Sunday. Large numbers of Ugandan workers also died in the Gulf kingdom, but Uganda's government does not release official figures. Thousands of Ugandan and Kenyan women travel to Saudi Arabia each year to take up domestic jobs such as housekeepers and nannies. But many are returning with stories of unpaid wages, detention, beatings, starvation and sexual assault. Others have returned in coffins. Among those who died, autopsies often revealed evidence of trauma such as burns and electric shocks - but Saudi authorities labelled the deaths as natural causes. A Saudi labour ministry spokesperson said: "Any form of exploitation or abuse of domestic workers is entirely unacceptable, and allegations of such behaviour are thoroughly investigated."

• Saudi Arabia’s SURJ ready to invest ‘US$500m’ in new global T20 cricket league

  Saudi Arabia’s SURJ Sports Investment is backing a new global Twenty20 cricket league and is prepared to pump US$500 million into the project, according to the Sydney Morning Herald (SMH). The upstart competition would reportedly consist of eight teams and be modelled on tennis and its Grand Slams, with teams to assemble and play matches in four different locations during the year.  Discussions are purportedly underway with the International Cricket Council (ICC) and the concept is the brainchild of Neil Maxwell, a former first-class cricketer who manages Australian captain Pat Cummins. The SMH adds that the new league has been developed in partnership with the Australian Cricketers’ Association (ACA), which represents current and former players. SURJ, which is a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), would be the largest backer in a consortium of investors.  

• 10 of 63018 results1 2 … 6,302 >>