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  • 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 […]

     
  • Saudi PIF in talks to invest in aspiring Tesla rival Lucid
     

    Saudi Arabia’s Private Investment Fund (PIF) PIF, is reportedly in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter told Reuters on Sunday. A potential investment in the privately-held Lucid Motors presents the PIF an opportunity to own a controlling stake in an electric carmaker at a fraction of the cost of its rumored […]

     
  • 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 […]

     

MUST-READS

  • Territorial Disputes Threaten Iran-Arab Detente

    The uneasy detente between Iran and its Arab neighbors is not only threatened by the state of Iranian-U.S. relations but also by dormant territorial disputes. These include disputes over the Greater and Lesser Tunb and Abu Musa islands claimed by the United Arab Emirates and oil and gas fields that Iran shares with neighboring countries – which Iran has not developed due to the international sanctions regime and restricted access to technology. Should the Islamic Revolutionary Guard Corps and its engineering arm, Khatam al-Anbia Construction Headquarters, engage in developing the fields, Iran and its Arab neighbors may find themselves entangled in renewed crises.  

  • Energy Minister: Saudi Arabia continues work on building first nuclear power plant

    Minister of Energy Prince Abdulaziz bin Salman said that Saudi Arabia continues work on building its first nuclear power plant. He also revealed that Riyadh will host International Conference on Nuclear Emergencies by the end of 2025. Addressing the 68th Session of the General Conference of International Atomic Energy Agency (IAEA) in the Austrian capital Vienna on Monday, he said that the Kingdom has completed the readiness requirements related to nuclear regulatory work. "We are continuing to implement our national project for peaceful nuclear energy, while our systems and infrastructure meet the required international regulatory requirements," he said.

  • Where Iranians Stand on Hijab Rules

    On September 16, 2022, 22-year-old Mahsa Amini died after having been taken into custody by Iran’s morality police for allegedly wearing her headscarf incorrectly. While the authorities state Amini died from illness, her parents and protesters say the police were responsible. Amini’s death ignited an uprising across the country, led mainly by women and young people, against injustice, the subjugation of women and police brutality, with hundreds reported to have been killed and thousands arrested in the ensuing months.

  • Nestle to build its first Saudi manufacturing plant in Jeddah

    Slated to open in 2025, the plant represents an initial investment of SR270 million ($72 million). The project is set to enhance local production capabilities, contribute to sustainable food security in the Kingdom, and meet local demand while enabling exports to other Middle Eastern and North African markets.

  • Iran’s Pezeshkian says ‘no place for hostility’ with Saudi Arabia, ready to visit Riyadh

    Iranian President Masoud Pezeshkian expressed at a press conference in Tehran on Monday his willingness to improve Iranian-Saudi relations, calling the two nations "brothers" and adding that he would visit Riyadh when the opportunity presented itself.  In his first press conference since assuming office in July, Pezeshkian spoke about the possibility of Saudi Crown Prince Mohammed bin Salman visiting Iran. “We are brothers, so there is no place for hostility. I welcome any move that can solve the differences between Muslims,” he told the press.

  • PGA Tour’s Saudi Deal Drags On With Players Arguing Over Pay

    PIF representatives met with PGA Tour officials in New York last week, and an agreement over the financial details inched closer, according to people familiar with the situation. In the months leading up to the latest discussions, talks had failed about how to reintegrate players who ditched the PGA Tour to play for LIV and ensure some financial parity, according to people familiar with the situation.

  • Saudi Arabia approves first exchange-traded funds tracking Hong Kong-listed equities

    Saudi Arabia has granted approval for its first exchange-traded funds (ETFs) tracking equities listed in Hong Kong on Tuesday, the Capital Market Authority (CMA) said, marking the debut of such a product in the Middle East. The move follows efforts by Beijing and Hong Kong to deepen ties with Arab countries in response to escalating tensions with the West.

  • Saudi sovereign wealth fund PIF to invest $5bn in Egypt

    Egypt said the $5 billion injection would be the “first phase” of Saudi investments through its Public Investment Fund. The announcement came after a meeting between Prince Mohammed and Egyptian Prime Minister Mostafa Madbouly in Riyadh. The investment would be the latest major injection of cash the North African country has received while it recovers from its economic crisis. The International Monetary Fund and the UAE have provided most of the funding to help support Egypt's economy.

  • Saudi investment licenses for Egyptian firms double in 2024, says minister

    At a meeting with Egyptian Prime Minister Mostafa Madbouly, organized by the Federation of Chambers in Riyadh, Saudi Investment Minister Khalid Al-Falih underscored Egypt’s increasing role as a key economic partner for the Kingdom. This follows Saudi Arabia’s exports to Egypt totaling $6.44 billion in 2022, while Egypt’s exports to the Kingdom reached $2.35 billion, as reported by the Observatory of Economic Complexity.

  • Neom Beach Games 2024 brings sport to Saudi’s gigaproject

    The tournament kicks off with a triathlon on 3 November, 3×3 basketball from 7 to 9 November, beach soccer from 13 to 16 November and mountain biking from 18 to 22 November. A new addition to this year’s NEOM Beach Games is the World Aquatics Open Water Swimming World Cup NEOM. The event will bring together the world’s top open-water swimmers and serve as the grand finale of the NEOM Beach Games, taking place in the Red Sea.