For Iran, engagement is more difficult now than ever. Tehran is deeply enmeshed in the Israel-Lebanon conflict. The nuclear deal is in tatters. Sanctions have crippled the economy. And this week, the United States accused Iran of sending ballistic missiles to Russia and imposed new sanctions.
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Reports: Saudi Arabia Places Huge Bet on U.S. Natural Gas
Saudi Aramco announced a preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year in a deal with U.S.-based Sempra LNG, according to reports. The move is a “new strategy” for Aramco and highlights “the growing importance of the United States as an energy exporter,” the New York Times reports. The deal, if completed, […]
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Arabian Centres IPO Postponed Two Days, But will Still Make History
Saudi Arabia’s largest share offering in four years for Arabian Centres shopping malls has been postponed for two days amid rising geopolitical tensions and a looming trade war between the U.S. and China, but when trading begins, it will still be a historic moment for Saudi Arabia’s markets. In addition to being the biggest IPO in four years, the […]
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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 […]
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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.” […]
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Saudi Economy to Grow at 2% This Year, Government Posts Large 1Q Surplus
Saudi Arabia’s central bank governor, Ahmed Al-Kholifey, told Reuters in an interview that he expects economic growth to be “no less than 2 percent” in 2019. The comments from Al-Kholifey comes as a separate quarterly Reuters poll of economists found lowered expectations for growth in Arab Gulf economies this year. Gross domestic product in Saudi Arabia, […]
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Al-Falih Expects Strong Demand for Aramco’s First-Ever Bond Issue
Saudi Arabia expects strong demand for Saudi Aramco’s first-ever bond issue, which is expected to close on Wednesday. Demand for the bonds could surpass $30 billion, Energy Minister Khalid Al-Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday. Others estimate it could top $40 billion, more than four […]
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Saudi Arabia plans 2.6 GW solar park near Mecca
Saudi Arabia is set to issue tenders for 2.6 GW Mecca solar project in 2019, according to reports. The Faisaliah Solar Power Project is planned to be developed in several stages by the Saudi Ministry of Energy, Industry and Mineral Resources and the Development Authority of Mecca. Construction work on the project will begin this year, […]
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King Salman Announces $23 Billion for Four Entertainment Projects Including the ‘World’s Biggest Park’ in Riyadh
Saudi Arabia is planning to build the “world’s biggest park” as part of a $22.9bn project that aims to create large open green areas in Riyadh while creating thousands of new jobs, according to the Saudi Press Agency and other news outlets. The project consists of four entertainment projects in Riyadh, which are currently in the design phase, according […]
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WATCH: Adidas Ultraboost Ad Features Young Saudi Women Combatting Fitness Stereotypes
A new inspirational advertisement for Adidas’ popular Ultraboost shoe line features three young Saudi women discussing stereotypes they face and how they overcome them. The ad for Ultraboost trainers features fitness instructor and modest sportswear designer Lojain Alrefae running along the waterfront in Jeddah; Saudi mountaineer Raha Moharrak climbing the rocky ranges near Jeddah and football campaigner […]
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Saudi Housing Sector to See $21 Billion in Investment in 2019; Home Ownership Growing 6-7 Percent Annually – Minister
Saudi Arabia’s Minister of Housing Majed al-Hogail said he expects investments in the real estate financing sector to reach between 60 billion Saudi riyals and 80 billion riyals ($21.33 billion) in 2019, according to Reuters on the sidelines of a housing conference in Riyadh. The minister told Reuters that real estate financing for January hit 4.7 […]
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How Hamas Uses Brutality to Maintain Power
But the reality of the war, according to U.S. officials, is that the Israeli military and Hamas carry out questionable acts nearly every day. Many of the reports reviewed by American intelligence analysts involve Israeli actions: military strikes that kill large numbers of civilians, errant attacks on aid convoys or other deadly incidents. But a large number of reports involve Hamas, both its acts of terrorism against hostages and its abuses of Palestinians.
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Saudi Arabia Shifts $1 Trillion Investment Focus: Clean Energy And Diversification Over Oil, Says Report
Goldman Sachs’ report reveals that approximately 73% of this capital expenditure will be directed towards non-oil sectors, a significant increase from the earlier forecast of 66%. The clean energy sector is poised to benefit greatly, with funding expected to rise to $235 billion from an earlier estimate of $148 billion. This increase is driven by an ambitious expansion in renewable energy capacity, with Saudi Arabia more than doubling its 2030 target for solar power.
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Saudi cement companies explore mergers amid market tension
The crowded cement sector in Saudi Arabia is experiencing tensions due to its varying market shares, according to Majed Al Osailan, vice chair of the National Cement Committee. He noted that despite initial slow demand, renewed spending on construction has led to a shift, with most companies now able to meet market needs. The cement sector saw its first merger between Qassim Cement and Hail Cement, according to Argaam news, with another planned between City Cement and Umm Al-Qura Cement. NCC chair Badr Johar said that demand for cement is expected to strengthen substantially from late September 2024 to February 2025.
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Faked video targeting France and UAE likely Russian despite Moscow’s links to Gulf Arab states
It remains unclear why Russian operatives would choose to publish such a video falsely claiming the Emirates halted a French arms sale, which appears to be the first noticeable effort by Moscow to target the UAE with a disinformation campaign. The Emirates remains one of the few locations to still have direct flights to Moscow, while Russian money has flooded into Dubai’s booming real estate market since President Vladimir Putin launched his full-scale invasion of Ukraine in 2022.
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A new crisis may plunge Libya back into chaos
The upheaval is the consequence of a spat that flared in August but was long in the works, experts say. A move by forces close to Prime Minister Abdulhamid Dbeibah, who leads the government in western Libya, centered in the capital Tripoli, saw officials in the Central Bank kidnapped and led the bank’s longtime governor, Sadiq al-Kabir, to flee into self-imposed exile in Turkey. The Central Bank, which is the sole legal repository of Libya’s oil-generated wealth, ceased functioning. Oil exports were quickly shut down.
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Saudi Arabia: Former Public Security Chief Jailed 20 Years Over Forgery, Bribery And Embezzlement
The court issued an irrevocable ruling and jailed Lt. Gen. Khalid bin Qarar Al-Harbi for an initial 10 years for forgery and bribery. His SR1 million fine and seized embezzled funds will be deposited in the government’s treasury. Al-Harbi was also handed an additional 10 years’ imprisonment after the court convicted him of misusing authority for personal gains, exploiting government contracts and embezzling public funds.
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Saudi Arabia calls for more pressure on Iran as Houthi threat grows
Saudi Arabia, which supports the Yemen government opposing the Houthis, believes Iran has been arming the group, including with the weapons used in the attacks on commercial shipping in the Red Sea. Those attacks have led to a halving of the traffic on the Red Sea route, pushing up the costs of maritime transport and damaging the Egyptian economy through disruption to the Suez canal.
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