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  • Monetary and Financial Developments in the Kingdom
     

    A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]

     
  • Mixed Picture for Saudi Labor Market as Unemployment in Kingdom Hits 4-Year High
     

    Saudi unemployment rose to a four-year high despite overall employment growth remaining positive, the Riyadh-based Jadwa Investment finds in a report on the Saudi labor market. The report is a mixed picture for Saudi Arabia. For example, during the first three quarters of 2016, total net employment in the Kingdom saw a “significant rise” of […]

     
  • OPEC’s Oil Production Announcement Sends Prices Soaring, Raises Optimism for Reigning in Oversupply in 2017
     

    In the wake of last week’s OPEC decision to reduce crude oil production, oil prices have surged roughly 15% in just one week. At roughly $55/barrel on Brent, that’s the highest level in more than a year. OPEC agreed to slash its output by 1.2 million barrels a day, or more than 1% of global output, […]

     
  • Saudi Arabia Needs $53b in Water Investment as Sector Looks Toward Privatization
     

    Saudi Arabia will need $53 billion in water sector investment supported by private funds as the Ministry in charge of the sector said it was looking to privatize in order to meet demand, government leaders said.   The comments were made by officials from Saudi Arabia’s Ministry of Environment, Water and Agriculture, and Saudi Arabia’s […]

     
  • Saudi, Russia Energy Ministers to Meet in Doha as Output Cut Deadline Looms
     

    Saudi Arabia and Russia energy ministers will meet in Doha, Qatar this week on the sidelines of Gas Exporting Countries Forum (GECF), industry sources quoted by the Wall Street Journal said. The meeting comes as OPEC and non-OPEC members try to solidify an oil output limiting deal agreed to in September. OPEC is hoping to complete […]

     
  • Saudi GDP to Grow at 1.8%, Central Bank Says in Annual Report
     

    The Saudi Arabian Monetary Agency (SAMA) expects gross domestic product to grow 1.8 percent this year, the central bank said in its 52nd annual report released on Monday. The figure is higher than the IMF forecast of 1.2%.  The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, SAMA said. Real economic […]

     
  • Saudi King Salman Congratulates Trump
     

    Saudi King Salman on Wednesday congratulated Republican Donald Trump on winning the US presidency. King Salman said both Saudi Arabia’s government and its people “offer their best wishes for the new US leader” and also “wished more progress for the US government and its people, and more ease for the new Trump administration to be […]

     
  • CEDA Cancels $267 Billion in Projects
     

    Saudi Arabia’s powerful Council of Economic and Development Affairs (CEDA) has cancelled projects valued at up to 1 trillion Saudi riyals ($266.7 billion), the SPA and other news outlets report. “The CEDA has also stopped awarding a big number of projects whose spending does not go in line with the expected economic and development return […]

     
  • Halt in Saudi Oil Shipments to Egypt Latest Indication of Worsening Relations
     

    State-owned oil company Saudi Aramco halted shipments of oil products to Egypt indefinitely, the latest indication that Egypt-Saudi relations are worsening since a visit by Saudi Arabia’s King Salman to the country in March. Aramco informed the Egyptian General Petroleum Corp. in early October that it would halt supplies of refined oil products, forcing Egypt to […]

     
  • Saudi CMA Approves Rules for Exchange-Listed Real Estate Funds
     

    Saudi Arabia’s Capital Markets Authority (CMA) announced that it has approved rules for exchange-listed real estate funds as Kingdom seeks to entice investment to develop housing in Saudi Arabia. “It is important to mention that these instructions aim to regulate offering of Real Estate Investment Traded Funds that has a primary investment objective to invest in construction developed […]

     

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