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  • Saudi Arabia Seeks Balanced Budget by 2023 – Al Jadaan
     

    Saudi Arabia’s finance minister told Reuters on Wednesday he was “unconcerned with current oil prices impacting spending plans in 2019″ and the government still aims to close its budget deficit by 2023 – though the target is not set in stone. The government unveiled a $295 billion budget on Tuesday, the kingdom’s largest, with a […]

     
  • Saudi Government ‘Rejects’ U.S. Senate Rulings on Saudi Arabia But Pledges to Continue Building Relationship
     

    The government of Saudi Arabia issued a statement condemning a recent U.S. Senate resolution blaming Crown Prince Mohammed bin Salman for the killing of journalist Jamal Khashoggi, and said the government rejects external interference in its affairs. The Senate measure, which passed in a rare bipartisan vote with unanimous approval on Thursday, was a sweeping condemnation of Crown […]

     
  • OPEC, Russia Will Cut 1.2 million Barrels of Oil Production a Day; Price Jumps
     

    OPEC and Russia have agreed to collectively throttle back oil production by 1.2 million barrels per day to dry up a global supply glut, according to energy reporters from the Wall Street Journal. OPEC nations would cut 800,000 barrels and the Russia-led group would handle the remainder, according to the WSJ. Oil prices on indices […]

     
  • Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’
     

    In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a […]

     
  • King Salman Delivers Opening Speech at Shoura Council
     

    King Salman gave his annual speech at the opening of the third year of the Shoura Council’s seventh session on Monday and discussed a number of regional and local issues. The King urged the international community on Monday to halt Iran’s nuclear and ballistic missile programs, and reiterated the kingdom’s support for U.N. efforts to […]

     
  • Gulf Economies Recovering, but Oil Price Volatility Threatens to Weigh on Future Growth – IMF
     

    A recently released report by the IMF found that economic growth in Gulf states will recover in 2018 from a contraction last year, but that future growth remains vulnerable to volatility in crude oil prices. The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf […]

     
  • 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 […]

     

MUST-READS

  • Tawaref series: Company formation in Saudi from A to Z

    For a company to properly align itself in the Saudi market, it's crucial to implement these processes successfully. We find that sometimes even local Saudis struggle to grasp these concepts. Even one misstep can be costly in the long run, so we highly recommend hiring a knowledgeable lawyer/Saudi setup partner to guide you through the process.

  • Saudi Arabia plans to allow tougher nuclear oversight by IAEA this year

    Saudi Arabia plans to scrap light-touch oversight of its nuclear facilities by the U.N. atomic watchdog and switch to regular safeguards by the end of this year, the kingdom said on Monday, a step the watchdog has long been calling for. Saudi Arabia has a nascent nuclear programme that it wants to expand to eventually include activities like proliferation-sensitive uranium enrichment. It is unclear where its ambitions end, since Crown Prince Mohammed bin Salman has said for years it will develop nuclear weapons if regional rival Iran does.

  • UK trade minister to meet Gulf state officials in Saudi Arabia

    Reynolds will discuss ambitions for a trade deal with members of the Gulf Cooperation Council in Riyadh on Monday. The bloc is made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Talks began in July for a deal that would boost the UK economy by £1.6 billion ($2.1 billion), the Department for Business and Trade said.

  • 3 Customs Authority officials arrested in Rabigh over SR2.23 million bribery charges

    An official source at the Oversight and Anti-Corruption Authority (Nazaha) has announced the arrest of three employees from the Zakat, Tax, and Customs Authority (ZTCA) at King Abdullah Port in Rabigh. The arrests were made in collaboration with the Ministry of Interior. The employees, identified as Rashid Mohammed Al-Shabrami, Mohammed Ahmed Al-Jizani, and Saleh Hamoud Al-Harbi, are accused of accepting a total of SR2,232,000 in bribes from a number of expatriates.

  • Russia and Ukraine exchange 103 prisoners each in deal mediated by UAE

    The exchange of a total of 206 prisoners was facilitated in the UAE’s eighth such mediation, the Gulf nation’s Ministry of Foreign Affairs said in a statement on social media platform X. “We have successfully brought back another 103 warriors from Russian captivity to Ukraine,” Zelenskyy posted on X on Saturday. The freed Ukrainians included 82 privates and sergeants and 21 officers from the Armed Forces of Ukraine, the National Guard of Ukraine, border guards, and police officers, he said.

  • EU mission starts Red Sea oil tanker salvage

    An operation trying to salvage a stricken oil tanker, burning in the Red Sea for almost a month now after attacks by Yemen's Houthi rebels, has begun, according to a European Union naval mission on Saturday. The EU's Operation Aspides released images showing its vessels escorting three ships making their way toward the Greek-flagged oil tanker Sounion. The operation aims to prevent an environmental disaster in the region.

  • Iraqi and US forces kill a top IS commander and other militants in joint operation

    Iraqi forces and American troops have killed a senior commander with the Islamic State group who was wanted by the United States, as well as several other prominent militants, Iraq’s military said on Friday. The operation in Iraq’s western Anbar province began in late August, the Iraqi military said, and involved also members of the Iraqi National Intelligence Service and Iraq’s air force.

  • Saudi Ranks Among Top Countries For Child Welfare And Education Opportunities

    Saudi has emerged as a global leader in child welfare and education, ranking among the top nations where citizens believe children are treated with respect and dignity, according to the 2023 Gallup World Poll. Iain Drennan, executive director of WeProtect Global Alliance, praised the Gulf region’s achievements in safeguarding children. He emphasized the importance of ensuring children’s rights, particularly in light of global challenges like child abuse and online exploitation.

  • Analysis: Saudi Arabia’s FDI Outlook

    Strong economic foundations and extensive international relations contribute to growing FDI in Saudi Arabia’s tourism, construction, electronics, and financial service sectors, among others. Correspondingly, GlobalData’s FDI database records 735 announced and 572 opened FDI projects in Saudi Arabia, between Q1 2019 and Q3 2024.

  • China’s Expanding Solar Footprint in the Gulf

    China’s recent third plenum highlights the Communist Party’s commitment to guiding the country’s economy through ongoing global tensions and domestic challenges by focusing on sustainable, high-quality growth fueled by advanced technologies. Despite a robust economic performance and a leading role in global green energy, China’s solar industry faces significant turbulence from overexpansion, fierce competition, and external tariffs. As the sector confronts these difficulties, Chinese solar companies are strategically expanding into Gulf markets, leveraging the region’s immense solar potential while navigating the risks associated with intense competition and harsh environmental conditions.