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  • Saudi Non-Oil Activity Ticks Up in October
     

    Saudi Arabia’s non-oil economy ticked upward in October “thanks to higher employment and growth in new orders because of increased demand from overseas,” data from the latest purchasing managers’ index show. The headline Emirates NBD Purchasing Managers’ Index (PMI) rose slightly to 53.8 in October from 53.4 in September. A reading above 50 indicates that the non-oil […]

     
  • Crown Prince Mohammed bin Salman to Address FII – Watch Live
     

    Saudi Arabia’s crown prince Mohammed bin Salman is set to make a speech soon at the Future Investment Initiative in Riyadh, now in its second day. The prince will address attendees of the forum at the conclusion of today’s events. A live stream of the event is available on the FII’s website, http://www.futureinvestmentinitiative.com/. A panel event […]

     
  • Uber Competitor Careem secures $200 million in funds from Saudi and Japanese investors
     

    Careem, the Middle East-based ride-hailing company, said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal’s Kingdom Holding, Saudi Arabia’s Al Tayyar Group and STV, and Japanese e-commerce company Rakuten. The $200 million was the first close of a funding round in which it expects […]

     
  • Trump Sends Pompeo to Saudi Arabia after Speaking with King Salman
     

    Saudi Arabia has extended its “appreciation” to the US administration among others for “refraining from jumping to conclusions” in the ongoing investigation in the Jamal Kashoggi case, which has garnered international attention in the last week. “To help clarify recently issued Saudi statement, the Kingdom of Saudi Arabia extends it appreciation to all, including the […]

     
  • Saudi Private Sector Growth Slows to Four Month Low
     

    Growth in Saudi Arabia’s non-oil private sector slowed to a four-month low in September, a monthly survey of companies showed on Wednesday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index fell to 53.4 last month from 55.1 in August. A level above 50 indicates expansion, Reuters reports. Despite struggles in the private sector, Saudi […]

     
  • PIF-Backed Red Sea Tourism Company Names High-Powered Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has appointed an international advisory board of business, tourism and environmental figures for its Red Sea tourism development. The announcement follows the selection of a former director of London’s Canary Wharf business zone, John Pagano, as chief executive of the project, which will see resorts developed on 50 islands […]

     
  • The Cohen Group will Launch a Saudi Arabia Office, Company Says
     

    Global business advisory firm The Cohen Group announced today that it will launch an office in Riyadh, Saudi Arabia as the company focuses more on the region’s largest economy. The new office will “serve as the hub for the firm’s operations in the region,” the company said in a press release today. “Our decision to open a […]

     
  • Saudi oil production rises in August after surprise July drop
     

    Saudi Arabia’s crude oil production rose again in August following a surprise drop in production in July, according to reports. The Kingdom’s crude oil production in August rose to 10.424 million barrels per day compared to 10.288 million bpd in July, an OPEC source told Reuters. In June, Bloomberg reported that Saudi Arabia was planning to pump “a record […]

     
  • PIF Picks All-Star Investors for FII Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has formed an advisory board of 11 top technology, finance and business executives that will provide strategic guidance on developing the kingdom’s Future Investment Initiative as a platform that attracts investment. The advisors include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaeser, the president and chief executive of German industrial […]

     
  • IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
     

    Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]

     

MUST-READS

  • Lower Oil Prices Challenge Saudi Fiscal Policy

    Oil prices have slumped in recent weeks. Brent fell from close to $88 per barrel in early July to $71/bbl in early September. Growing worries about the impact of slower economic growth in China and the United States on the demand for oil have offset the production outage in Libya and periodic concerns about potential supply disruptions from a broadening conflict in the Middle East.

  • Saudi Arabia’s PIF to boost annual spending to $70 billion by 2025

    In its latest report on Saudi Arabia, the International Monetary Fund (IMF) highlighted that the PIF’s investments are set to reach $70 billion by 2025, according to Amin Mati, the IMF’s Mission Chief for Saudi Arabia.

  • Dozens killed, wounded in Israeli strikes on Gaza tent camp

    Israeli strikes tore a huge crater, set tents ablaze and buried Palestinian families alive under sand in a supposedly safe zone of southern Gaza before dawn on Tuesday, killing or wounding scores of people, according to Palestinian officials.  Israel said it had struck a command centre for Hamas fighters whom it said had infiltrated the designated "humanitarian" area in al-Mawasi, a vast camp on sandy soil where the military has told hundreds of thousands of Palestinians to shelter since ordering them out of their homes.

  • Dubai singles splurge on premium dating apps but starve for real romance

    Dubai singles are more willing to pay premium prices for dating app subscriptions than ever before in the hopes of boosting their prospects of finding meaningful relationships, residents told Arabian Business. However, this financial investment comes with a paradox. Despite their willingness to pay for premium dating app subscriptions, these same singles have overwhelmingly expressed a preference for meeting potential partners organically in person to build more authentic connectio

  • Time to retire ‘Arab-Israeli conflict’?

    The experience of the past 11 months has led many experts on the region like myself to reassess that term. Is “Arab-Israeli conflict” an accurate reflection, given that the active participants are no longer just Arabs and Israelis? Should we retire that term for good now that the conflict has widened, drawing in the United States and Iran–and potentially Turkey and others in the coming years?

  • Russia invites Saudi Crown Prince to October BRICS summit

    Russia has invited Saudi Crown Prince, Mohammed Bin Salman, to attend a BRICS summit in the city of Kazan from 22-24, Foreign Minister, Sergei Lavrov, said on Monday. The bloc of developing nations, last year, invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to become members, in a move aimed at accelerating its push to reshuffle a world order it sees as outdated, Reuters reports.

  • Full steam ahead for Saudi Arabia’s aquaculture dream

    The Kingdom decided to introduce aquaculture more than 40 years ago, leading to the establishment of the National Fisheries Center. Since then, the sector has undergone significant development through international partnerships and collaborations, particularly with the Food and Agriculture Organization.

  • Saudi Arabia’s Vision 2030 Projects Reach $1.3 Trillion in Value

    Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work and travel. About $164 billion worth of real estate contracts have been awarded since 2016, when Saudi Crown Prince Mohammed bin Salman unveiled his strategy to wean the country off its dependence on petrodollars and improve the quality of life for locals.

  • Saudi Arabia’s Economic Growth Defies Regional Instability

    The report says that Saudi oil exports are not dependent on the Red Sea, where Iran-backed Houthis have targeted commercial ships, in what they say is in solidarity with Palestinians in Gaza. Likewise, Saudi Arabia’s tourism numbers "remain strong". In general, the IMF painted a rosy picture of Saudi Arabia’s economy, with a strong banking system, growing home ownership and "robust" non-oil economic growth. The report underscores the divergence between Gulf economies and those of poorer states like Egypt, Lebanon and Jordan, whose already weak economies have been battered by Israel’s war.

  • Riyadh’s inaugural FinTech 24 conference attracts over 37,000 visitors

    The event was hosted by the Financial Sector Development Program, Saudi Central Bank (SAMA), Capital Market Authority, and Insurance Authority, and jointly organized by Fintech Saudi and Alliance, a venture between the Federation for Cybersecurity, Programming and Drones, Informa Global, and the Investment Events Fund.