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  • KPMG Releases Second Edition of its Saudi Arabia CEO Outlook report; Finds Positivity Among Saudi CEOs
     

    KPMG has released its second edition of its Saudi Arabia CEO Outlook report, available as a .PDF from the company’s website here.  The report is based on interviews with 50 CEOs of organizations in Saudi Arabia for their thoughts and insights on the potential opportunities that they have while preparing for the challenges that lie ahead, […]

     
  • Saudi Aramco Aims to Invest $150b to Become Gas Exporter – CEO
     

    Saudi Aramco’s gas expansion strategy needs $150 billion (117.55 billion pounds) worth of investments over the next decade as the company plans to increase output and become an exporter, Reuters reports, citing CEO Amin Nasser’s comments at an industry event in Dubai. Aramco is pushing ahead with its conventional and unconventional gas exploration and production program […]

     
  • Full Text: Saudi Arabia Public Prosecution’s Briefing on the Investigation Results into the Murder of Jamal Khashoggi
     

    Saudi Arabia’s Public Prosecution released a briefing on the investigation into the murder of Jamal Khashoggi in Istanbul. Below is the full text of the briefing, emailed by the Saudi Embassy in Washington, D.C. *** Public Prosecution: A Briefing on the Investigation Results  The Public Prosecution said in a press briefing that through the investigation […]

     
  • Saudi Economy Fundamentals Stable, Continued Growth Expected: Jadwa Investment
     

    A recently released macroeconomic update by Jadwa Investment finds the fundamentals of the Saudi economy remain unaltered and the bank “expects solid growth in the next few years” by 2.2 percent in 2018 (compared to -0.9 percent in 2017), with an improvement in the oil sector lifting oil GDP to 3.2 percent in 2018. Looking out into […]

     
  • S&P says Gulf countries need to raise $300 billion by 2021 – Report
     

    Gulf Cooperation Council (GCC) countries will need to raise about $300 billion between 2018 and 2021, with Saudi Arabia having the largest financing requirements, according to rating agency S&P as reported in Reuters. According to a Reuters report, the S&P expects 70 percent of the $300 billion of combined funding needs to be raised through debt […]

     
  • Saudi Arabia’s Budget Deficit Shrinks a Whopping 60%
     

    Saudi Arabia reduced its budget deficit by 60 percent to SR49 billion ($13 billion) in the first nine months of the year, official figures published Wednesday show. The reduction — greater than anticipated in earlier budget forecasts — was the result of a significant growth in both oil and non-oil revenues, the Ministry of Finance […]

     
  • Saudi Crown Prince Promises Justice for ‘Heinous Crime’ of Khashoggi Murder, Touts Reform Progress
     

    Crown Prince Mohammed bin Salman took the stage yesterday at the Future Investment Initiative conference in Riyadh, making his first public comments since the murder of Saudi journalist Jamal Khashoggi in Istanbul grabbed the world’s attention. The Crown Prince did not shy away from the topic, and opened with addressing what he and the Saudi […]

     
  • Oil Down 11% in Two Weeks
     

    Despite sanctions against Iran and tensions between Riyadh and Washington over the disappearance of Saudi journalist Jamal Khashoggi, the price of oil has fallen 11% in two weeks on oversupply and other downward pressures, according to reports. U.S. crude has plunged 11 percent from peak to trough over the last two weeks, while Brent is […]

     
  • The Impact of Reforms on The Saudi Retail Experience – Report
     

    A report today in Reuters highlights the impact that Saudi Arabia’s Vision 2030 economic and social reforms are having on Saudi Arabia’s malls and bazaars – which are changing as retailers embrace a shift in shopping habits. “Designer clothes stores and high-end chocolate and flower shops are shutting and fast-fashion, fast-food, budget stores and cinemas […]

     
  • 75% of Riyadh Metro Project Work Completed, Riyadh Emir Says
     

    Saudi Arabia’s ambitious and sprawling Riyadh metro project is 75% completed, Riyadh Emir Prince Faisal Bin Bandar said after chairing the Arriyadh Development Authority meeting on Monday. Prince Faisal, who is also the chairman of the board of directors of Arriyadh Development Authority and chairman of the supreme committee for supervision of the King Abdul […]

     

MUST-READS

  • Commentary: Newcastle’s Saudi future may not be what many imagined as pressure hits

    Newcastle will always have the memories of the night when they welcomed Paris Saint-Germain to St James’ Park – Kylian Mbappé, Gianluigi Donnarumma, Ousmane Dembélé et al – and beat them 4-1, but the European adventures perhaps took the edge off league form and the result was a seventh-placed finish. There’s no shame in that: other than the previous season, it was their best finish since 2011-12. But expectations have been raised. One season’s exceptional achievement rapidly becomes the following season’s par.

  • Saudi Announces Four-Day Holiday For 94th National Day

    The slogan “We Dream and Achieve” isn’t just catchy—it’s a reflection of the Kingdom’s ambitious projects and leadership in innovation. It perfectly captures the spirit of progress and transformation that defines Saudi Arabia today. The GEA is encouraging all government and private organizations to get on board with the theme and use the official branding to make this National Day unforgettable.

  • Saudi Perfume Maker’s $188 Million IPO Sells Out In Hours

    Saudi Arabia-based perfume maker Al Majed for Oud Co. received more orders for its initial public offering than shares available in just a few hours after books opened on the deal on Sunday. The company is selling a 30% stake — 7.5 million shares — and seeks to raise as much as $188 million. Institutional investors fully covered the order book throughout the 90 riyals to 94 riyals ($24 to $25) price range, according to people familiar with the matter, who asked not to be identified as the information is private.

  • Saudi Minister of Interior Welcome US Ambassador to KSA

    The meeting highlighted the presence of the Deputy Minister of Interior, Dr. Nasser bin Abdulaziz Al-Daoud, and the Assistant Minister of Interior, Dr. Hisham bin Abdulrahman Al-Falih, alongside the Undersecretary of the Ministry of Interior, Dr. Khalid bin Mohammed Al-Battal, and the Undersecretary of the Ministry of Interior for Security Affairs, Mr. Mohammed bin Muhanna Al-Muhanna, and a number of senior officials at the Ministry of Interior.

  • Saudi Arabia’s residential landscape changing as smart cities rise

    Saudi Arabia was represented five times in the 2024 edition of the International Institute for Management Development Smart City Index — with Riyadh, Madinah, and Makkah making the list along with Jeddah and Al-Khobar. With the $500 billion giga-project of NEOM set to lead the way with smart technology, it is no surprise the number of high-net-worth individuals flocking to Saudi Arabia is set to rise, with a report released by Henley & Partners in June projecting over 300 millionaires would be moving to the Kingdom in 2024.

  • Saudi efforts to attract foreign educational companies and schools pay rich dividends

    These efforts received a shot in the arm with the latest move to formulate an ambitious program to facilitate the attraction of the best foreign companies and schools from abroad. Three Saudi government agencies, represented by the Ministry of Education, Ministry of Investment and the Royal Commission for Riyadh City, are working on this program, according to Abdulaziz Al-Fahd, chairman of the National Committee for Training and Private Education at the Federation of Saudi Chambers.

  • Saudi real estate: BlackRock signs major property financing deal

    The minister and his accompanying delegation are in the US to discuss ways to boost Saudi-American partnerships in the urban development, construction, building, finance and real estate development sectors. The agreement was signed by SRC CEO Majid Fahd Al Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock KSA Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony.

  • Saudi Telecom Jumps Most Since 2008 After Dividend Boost

    Shares in Saudi Arabia’s top telecom company rose the most in almost 16 years after the company announced plans to boost quarterly dividends and said it may consider handing over more money to investors via special payments. Saudi Telecom Co. jumped 9.9% on the Saudi stock exchange on Sunday to 43.70 riyals ($11.65) a share, its biggest move on a closing basis since October 2008.

  • US return of offensive weapons sales to top customer Saudi Arabia set to boost revenue

    The Biden administration reversed the three-year-old policy this month, which was originally meant to pressure the kingdom over its involvement in the Yemen war – a move that the US may now be regretting given its own need to curb the Houthis now. Saudi Arabia – the main recipient of US arms exports from 2019-2023, according to the Stockholm International Peace Research Institute (Sipri), could boost revenue that made up 15 per cent of total US global arms exports at the time.

  • Incredible photos reveal 75-mile canyon for £800 billion futuristic city

    Also known as The Line, it aims to create a 75-mile long futuristic city that prioritises pedestrians and green spaces while minimising environmental impact. Once completed, it is set to feature towering skyscrapers, an artificial mountain and ski resort, an octagonal floating port, a dedicated swimming lane for commuters as well as a sophisticated AI and robots network designed to serve its uber-rich residents.