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  • Bloomberg Economics: Rising Private Sector Spending, Fiscal Stimulus Boost Non-Oil Economy
     

    Rising private sector consumption and government fiscal stimulus measures are expected to give a boost to the non-oil Saudi economy, Bloomberg Economics reports. “BE expects non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption,” the outlet revealed in […]

     
  • Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
     

    Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]

     
  • Saudi Arabia Replaces Head of Civil Aviation by Royal Decree Amid Airport Delays
     

    Saudi Arabia replaced the head of its civil aviation authority on Wednesday, Reuters reports, appointing Abdelhadi Al-Mansouri president of the General Authority for Civil Aviation (GACA). Al-Mansouri’s appointment fills a position that has been vacant officially since January, when his predecessor, Abdelhadi Al-Mansouri, was dismissed. He was appointed in June 2017. No details were given on the […]

     
  • New ‘Economics in Society’ Report Examines Role of Misperceptions on Women Employment Rates in Saudi Arabia
     

    A new research report published by the UBS International Center of Economics in Society examines how social norms may affect employment rates for women in Saudi Arabia, providing evidence “that most Saudi men privately believe that women should be allowed to work, but that they underestimate the extent to which other men share their views.” […]

     
  • Saudi Government Revenue Surges Nearly 50% in Q1
     

    Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment. Both oil and non-oil revenue saw sizable rises. Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend […]

     
  • Senate Fails to Override Trump Veto on Yemen War
     

    The Senate on Thursday fell short of the votes needed to override President Trump’s veto of legislation demanding an end of U.S. support for the Saudi-led military coalition operating in Yemen. The resolution passed in the House and Senate would have ended all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen. It marked […]

     
  • ‘Signs of Life’ in the Saudi Economy as Indicators Point to Improvements, Growth
     

    Recently-released monthly data show signs of life in Saudi Arabia’s economy, the Arab world’s largest, according to reports. Jadwa Investment’s monthly chartbook for May 2019 shows “marginal economic improvements” with a surge in POS transactions by 19 percent year-on-year and mild improvement in the Kingdom’s non-oil PMI index in March. The Kingdom also saw a net monthly […]

     
  • PIF-Subsidiary Launches 1 Million Square Meter Amusement Park, Other Projects in Eastern Province
     

    Saudi Entertainment Ventures (SEVEN), a subsidiary of the Public Investment Fund (PIF), said on Wednesday that it was launching its largest project to date in the Eastern Province of the Kingdom – an amusement park, along with other entertainment projects. In its announcement, SEVEN said it would be building its first amusement park, which will cover an area […]

     
  • IMF’s Regional Economic Outlook Says Saudi Needs $85 Oil for Fiscal Balance
     

    A recently-released IMF report on the oil-producing Middle East and North African economies said that Saudi Arabia’s newest breakeven price for oil – the price of oil at which its government could fund its operations without a deficit – is $85 on the Brent index. The report is a quarterly update on the economies of oil-producing […]

     
  • 70 Percent Increase in New Licenses for Foreign Businesses in First Quarter, Al-Omar Says
     

    The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, the head of Saudi Arabia’s General Investment Authority (SAGIA) said. According to Bloomberg, applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively. The data […]

     

MUST-READS

  • War on Gaza: Netanyahu hindering deal again by changing demands, source says

    Israeli Prime Minister Benjamin Netanyahu has returned to his “evasive approach” in the Gaza ceasefire talks, hindering negotiations, an Egyptian source has told the Al-Araby Al-Jadeed news outlet.  The source, who was described as “familiar with the negotiations,” said in the Wednesday report that the change in the Israeli positions surprised mediators and slowed recent progress made in the indirect talks with Palestinian movement Hamas.  Netanyahu submitted a new list of demands, which included modifications regarding the captives Israel wants to be released, as well as additional conditions related to the timeline for the army’s withdrawal during that phase of the proposed agreement, the source said. He added that talks were “proceeding very well” until the latest Israeli changes.

  • How Stealthy F-22 Raptors Learned to Take on Elusive Iranian Threats in the Middle East

    As America’s premier air superiority fighter, the F-22 was designed to take on advanced enemy aircraft, capable of maneuvering stealthily and cruising at supersonic speeds. But the dangers that most concerned Johnson and his Airmen included Iranian-designed drones and cruise missiles that Tehran and its proxies have employed during the most recent stretch of unrest in the Middle East. Though the drones posed less of a threat to the F-22s than a high-end Chinese fighter, downing them presented some challenges. Like the F-16s and F-15Es, the F-22s that have been deployed to the region in recent months have Active Electronically Scanned Array (AESA) radars, which makes detecting drones easier, a senior U.S. defense official noted to Air & Space Forces Magazine. But it is still not an easy task. Not only were the drones very small, but their slow speed always made them hard to detect.

  • Israel allocates $150m to sway global opinion over Gaza genocide

    The 20-fold funding increase aims to boost Tel Aviv’s narrative and justification of its war against the besieged enclave while portraying the Palestinian struggle as “anti-Semitic” and as a form of “Nazi” terrorism aimed at eliminating Jews and to promote Islamophobia in European countries in an effort to paint the Palestinian struggle as no different from Daesh. The aim of such action is to end sympathy or support for the Palestinian cause and justify the genocide being orchestrated in Gaza.

  • Unstoppable Oman beat Saudi Arabia 2-1 to enter Gulf Cup final

    With temperatures at a chilly 18°C, the electrifying atmosphere was fueled by passionate supporters waving flags and chanting for their teams. Coach Rashid Jaber faced a daunting task, making last-minute changes due to injuries and yellow card suspensions. Still, his confidence in his squad proved well-placed as Oman battled fiercely from start to finish. The game started with Saudi Arabia in control, threading passes and creating early chances. Oman’s goalkeeper, Al Rushaidi, made a brilliant save from a stinging free-kick, keeping the scores level. Saudi’s dominance persisted through the opening minutes, with Oman struggling to find their rhythm.

  • Saudi Arabia says it executed six Iranians for drug trafficking

    Six Iranian citizens have been executed in Saudi Arabia on charges of drug trafficking, Riyadh’s Ministry of Interior announced on Wednesday. The ministry did not provide further details regarding the time of arrest, trial, and execution. The executions took place in Dammam, located along the coast of the Persian Gulf, according to the official Saudi Press Agency.  The Iranians were put to death for their involvement in smuggling hashish into Saudi Arabia, the interior ministry said. Saudi Arabia has executed 330 people this year, marking the highest number in decades, despite Crown Prince Mohammed bin Salman’s 2022 claim that the death penalty would be limited to murder cases under his vision of a modernized kingdom.

  • GASTAT: Saudi Women’s Participation in the Labor Force Reaches 36.2%

    The General Authority for Statistics (GASTAT) released today the Labor Market Bulletin for the third quarter of 2024. Figures show that the unemployment rate among Saudis in Q3 of 2024 was 7.8%, an increase of 0.7 percentage points over Q2 of this same year, and a year-on-year decrease of 1 percentage point from Q3 2023. The bulletin also shows that the Saudi and non-Saudi labor force stood, in Q3 of this year, at 66.6%, a 0.4 percentage point increase over Q2 of 2024. Among Saudis, the labor force grew by 0.7 percentage points in Q3 2024, to reach 51.5%, marking a year-on-year increase of 0.7 percentage points. The employment-to-population ratio among Saudis went up by 0.2 percentage points, reaching 47.4%, or an annual growth of 1.1 percentage points. The bulletin also highlighted the growth of Saudi women's participation in the labor force, which increased by 0.8 percentage points, to 36.2%, in the mentioned period.

  • Saudi Arabia’s unemployment rate hits 3.7%: GASTAT

    Saudi Arabia’s unemployment rate dropped to 3.7 percent in the third quarter of 2024, down 0.5 percentage points from last year, official data showed. According to data released by the General Authority for Statistics, labor force participation across Saudis and non-Saudis reached 66.6 percent during the third quarter, reflecting a year-on-year increase of 0.2 percentage points and a quarterly rise of 0.4 percentage points. The unemployment rate increased by 0.4 percentage points compared to the second quarter of this year.

  • Saudi Arabia orders removal of unlicensed hospitality venues from booking sites, warns of $266,000 fines

    This directive is part of a broader campaign aimed at improving adherence to licensing and classification standards within the hospitality sector. The ministry seeks to ensure that all facilities meet the conditions and requirements stipulated in the Tourism Law and its associated regulations. The ministry stressed that all tourist and private hospitality facilities must obtain or renew their licences before commencing operations. Operating without a valid licence will result in penalties, including fines of up to SR1m ($266,000), facility closure, or both. Violations may also be disclosed publicly.

  • Saudi Arabia bans use of ‘sponsor,’ mandates ’employer’ for government and private entities

    The Ministry of Commerce in Saudi Arabia has instructed both government and private entities to refrain from using the term 'sponsor' and instead use 'employer' in all official documents. The ministry emphasised that, according to Article 2 of the Labour Law, the term 'employer' refers to "any natural or legal person who employs one or more workers in return for a wage." This directive was conveyed through a letter sent by the Ministry to the Federation of Saudi Chambers, which subsequently issued a circular to chambers of commerce and industry across the Kingdom.

  • Saudi Arabia launches humanitarian air bridge to Syria to deliver food, shelter and medical supplies

    Saudi Arabia on Wednesday launched a humanitarian air bridge to Syria, delivering food, shelter and medical supplies' The air bridge, established by the King Salman Humanitarian Aid and Relief Centre (KSrelief), aims to 'alleviate the effects of the difficult conditions currently facing the Syrian people', the official Saudi Press Agency reported. Others, including the European Union and Ukraine, have also announced aid for Syria, where the United Nations said seven out of 10 people need support. Riyadh's air bridge will 'be followed by another land bridge in the coming days,' said Abdullah al-Rabeeah, the head of KSrelief.