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  • Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
     

    SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]

     
  • S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
     

    Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]

     
  • MIT Professional Education Launches New Collaboration with Saudi Arabia’s Al Yamamah University
     

    MIT Professional Education is launching a new collaboration with Al Yamamah University (YU) aimed at “promoting diversity at institutions of higher education and supporting the country’s overall development and sociocultural evolution,” the prestigious university announced on its website. As part of the initiative, MIT Professional Education will “develop and teach professional education courses on leadership and innovation […]

     
  • Saudi, UAE, Kuwait to Support Bahrain Economy after Downturn
     

    Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an “integrated program” to support Bahrain’s economic reforms and its fiscal stability, Reuters reports, citing a joint statement from the three Gulf states on Tuesday. Like other oil producing nations whose state finances are closely tied to oil prices, Bahrain’s economy was hit hard […]

     
  • The Race is On for Ride Sharing Apps in Saudi Arabia to Hire Saudi Women ‘Captinahs’
     

    As Saudi women settle into the driver’s seat, ride-sharing apps like Uber and Careem are gearing up for a race to hire women, according to reports. Careem — the Middle East’s answer to Uber — is recruiting Saudi women to take the wheel and has received over 2,000 applications since announcing it would recruit so-called […]

     
  • Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
     

    A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]

     
  • Saudi Crown Prince Mohammed bin Salman in Top 10 World’s Most Powerful People
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman has landed on the Forbes list of the world’s most powerful people for the first time, ranking the powerful young leader within the top 10. “There are 17 new names on the list this year, including Mohammed Bin Salman Al Saud (#8), the Crown Prince of Saudi Arabia,” Forbes writes. “His […]

     
  • Saudi Arabia Applauds Trump Decision on Iran Nuclear Deal
     

    Saudi Arabia has embraced President Trump’s decision yesterday to pull the United States out of the JCPoA, the agreement to curb Iran’s nuclear ambitions by offering sanctions relief in exchange for Iran’s compliance with non-proliferation standards, according to statements made by top Saudi officials and the Saudi Press Agency. As the chief rival of Iran in […]

     
  • For Oil Markets, ‘Volatility is Back’
     

    Rising optimism around global economic growth coupled with continued OPEC compliance to output targets and rising geopolitical tensions all contributed to pushing Brent oil prices to near 2014 highs, according to a recent report on the oil market by Riyadh-based Jadwa Investment. “Although oil prices were pressured somewhat at the start of April  due to trade tensions […]

     

MUST-READS

  • Greece and Saudi Arabia in Talks to Avert Massive Oil Spill from Stricken Tanker

    The tanker remains on fire, and with each passing day, the risk of its 1 million barrels of oil spilling into the sea is increasing. Private salvage companies have concluded that the conditions are too dangerous to proceed with towing operations. With the private sector efforts stalled, Greece and Saudi Arabia are now holding talks to explore alternatives. One option being considered is to pump the oil directly out of the ship on-site. Another is to tow the vessel, despite the risks, to a Saudi port, likely Jeddah.

  • Trump edges out Williams for Saudi Arabia title

    World number one Judd Trump won a dramatic final frame on the black to beat Mark Williams and lift the inaugural Saudi Arabia Masters title. The 35-year-old Englishman cleared up with a break of 72 to clinch the final 10-9 after Williams missed a red when 62 ahead. Trump, who was checking flights home at 4-0 down to Wu Yize in his first match of the tournament, claimed £500,000 for winning the first ranking event to be held in Saudi.

  • Construction licenses drive investment surge in Saudi Arabia; Egypt secures 30% of total share in Q2

    Construction permits led Saudi Arabia’s investment licenses in the second quarter of 2024, with 737 issued, representing 27 percent of the total, according to official data. Figures from the Kingdom’s Ministry of Investment quarterly report also revealed that this number represents a 32.1 percent increase compared to the same period last year. Saudi Arabia is aiming to increase foreign direct investment inflows by SR388 billion annually by the end of the decade, contributing 5.7 percent to GDP,  as part of its Vision 2030 economic diversification strategy.

  • Can Saudi Arabia Actually Afford Vision 2030?

    In other words, the suggestion that Saudi Arabia is in trouble because it cannot make the ends of its planned budget meet is accurate—up to a point. The megaprojects can be delayed, as they have been before when the price environment was sub-optimal. Money can also be drawn from international debt markets where Saudi bonds appear to enjoy substantial popularity, not unlike Aramco shares. Oil-dependent economies, it seems, still draw investors in, transition and non-OPEC output growth notwithstanding.

  • Al-Sisi, Saudi interior minister discuss bilateral relations, common challenges

    Egypt’s President Abdel Fattah Al-Sisi met on Sunday with Saudi Minister of Interior Abdulaziz bin Saud bin Naif bin Abdulaziz, and Minister of State and Member of the Saudi Cabinet, Essam Bin Saeed, in Cairo. The meeting was attended by Egypt’s Minister of Interior Mahmoud Tawfik, and the Saudi Ambassador to Egypt, Saleh bin Eid Al-Husseini

  • Saudi debt market growing rapidly, more issuance expected: FTA CEO

    The Financial Academy’s (FTA) CEO Mana Alkhamsan said that the debt and financial derivatives market in the Kingdom is witnessing rapid development and is expected to play a vital role in diversifying funding sources and improving liquidity.

  • Saudi Arabia’s non-oil economy grows 4.9% in Q2: GASTAT

    According to data from the General Authority for Statistics (GASTAT), and published by Arab News, the financial, insurance, and business services sectors surged 7.1 percent in the second quarter compared to the same period last year.

  • Hitting the beat: Why Anderson .Paak filmed ‘K-Pops!’ in Saudi Arabia’s AlUla

    Produced by US outfit Stampede Ventures with backing from Live Nation Productions, the comedy- drama project spent three days shooting in Saudi Arabia’s AlUla region in May 2024, taking advantage of the country’s attractive financial incentives, striking locations and increasingly skilled local crews.

  • Saudi Arabia executes three citizens for inciting terrorism

    According to the ministry, the three nationals were accused of “providing support to terrorist entities, communicating with them, adopting a terrorist approach that permits the shedding of blood, money, and honor, and inciting people to carry out terrorist acts with the aim of undermining the security and stability of society.

  • Saudi GDP declines by 0.3% in Q2 2024

    Saudi Arabia’s real GDP declined by 0.3% in the second quarter of 2024 compared to the same period in 2023, according to the General Authority for Statistics (GASTAT). Oil activities fell by 8.8% year-on-year (YoY), while non-oil activities increased by 4.9% YoY. Additionally, government activities grew by 3.8% YoY.