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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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Ministry of Labor Inspectors ‘Find Many Shops Closed’ as Store Owners Deal With New Regulations
Saudi Arabia’s plans to increase Saudi employment to 70 percent of jobs in stores in several sectors came into force on Tuesday, and inspectors from the Ministry of Labor reportedly found that “many such shops in Dammam and Al-Khobar downed their shutters to avoid penalties and ensure that when they open they are in line with the […]
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PIF Selects Goldman Sachs, Bank of America Merrill Lynch and Michael Klein Selected to Advise on SABIC sale
Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters. Citigroup Inc has reportedly won the mandate to advise Saudi Basic Industries Corp (SABIC). Reuters previously […]
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Kingdom of Saudi Arabia Contributes $100 Million for Syria’s Stabilization Efforts: Raqqa and Areas of Northeast Syria Liberated from ISIS
Saudi Arabia has announced that it has contributed $100 million for Global Coalition to Defeat ISIS-supported stabilization projects in areas liberated from ISIS in northeast Syria, the largest Coalition contribution to date for these liberated areas. “This substantial contribution will play a critical role in the Coalition’s efforts to revitalize communities, such as Raqqa, that […]
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Al Widyan is Saudi Arabia’s Next PIF-Backed ‘City Within a City’ Planned for Riyadh
A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News. The development – called Al Widyan – will include residential, commercial, retail and leisure facilities on a 7 million square meter site to the north of the capital, and will […]
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Saudi Arabia Forms New ‘Higher Committee for Hydrocarbon Affairs’ to Oversee Oil and Gas Sectors
Saudi Arabia plans to form “a higher committee for hydrocarbons,” which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency. The decision for the creation of a body to oversee the oil and gas sectors was approved in a cabinet meeting chaired by King Salman. “The […]
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Are You Ready for Saudi Arabia’s Personal Data Protection Law? Here’s What You Need to Know
As Saudi Arabia’s new Personal Data Protection Law (PDPL) comes into effect this September, companies across the Kingdom are racing to meet stringent data management and privacy standards. The law, which is said to be modelled closely on the EU’s GDPR, is designed to safeguard personal information and regulate data handling practices, reflecting Saudi Arabia’s commitment to data privacy amid its broader Vision 2030 goals.
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Saudi inflation remains steady at 1.5% in July
The consumer price index (CPI) increase was primarily driven by a 9.3% year-on-year (YoY) rise in housing, water, electricity, gas, and other fuel prices, according to Al Rajhi Capital Research. The Wholesale Price Index (WPI) rose by 3.1% in July 2024 compared to the same month in 2023. Furthermore, Saudi crude oil production (mbpd) rose to 9.00 in July.
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Saudi Arabia issues royal decrees
Commander of the Joint Forces Lieutenant General Mutlaq bin Salem bin Mutlaq Al-Azima will retire from military service. He has been appointed as an advisor at the Royal Court
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Saudi Arabia changes senior military commanders
Saudi Arabia issued royal decrees announcing changes to the heads of its joint forces, navy and land forces, state news agency SPA reported on Thursday.The chief of general staff, Lieutenant-General Fayyad bin Hamed al-Ruwayli, was left in place. The next most senior military role, commander of the joint forces, will be taken by Lieutenant General Fahd bin Hamad bin Abdulaziz Al-Salman, who was promoted from a major general, the decree said.
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Saudi Arabia’s GEA unveils details for 5th edition of Riyadh Season
The fifth edition will also see the launch of a new area called “Boulevard Runway,” developed in partnership with Saudi Airlines, which will repurpose old, unused airplane models. Boulevard Runway will consist of three zones with a capacity of 9,000 people, spread across 140,000 square meters.
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Saudi Arabia announces $266m Boulevard Business Park as Riyadh creative hub
The project includes more than 60,000sq m of leasable space, offices and headquarters for companies, co-working zones for entrepreneurs, retail stores, concept stores for national and international brands, an outdoor art gallery, a gym, a spa, a suspended pool, and hanging gardens.
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Saudi Arabia’s Waba Crater Recognized Among Top 100 Geological Landmarks Worldwide
The Saudi Geological Survey (SGS) announced the selection and nomination of the Waba Crater, also known as the Tamiya Quarry or scientifically as the Al-Mar Volcano, located in Hurrat Khishb, about 270 km northeast of Jeddah, as one of the top 100 geological heritage sites in the world for 2024. This distinction was bestowed by the International Union of Geological Sciences (IUGS) and the United Nations Educational, Scientific, and Cultural Organization (UNESCO).
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AlUla Wellness Festival to return to Saudi Arabia’s ancient city with new experiences
The AlUla Wellness Festival will make its much-anticipated return to Saudi Arabia’s ancient city with a blend of community activities, wellness experiences and workshops that offer a comprehensive approach to wellness. Held from 17th October to 2nd November, the festival invites guests to take a “voyage within” and discover holistic renewal, self-reflection, healing, and immersion in nature.
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Red Sea Global Launches Saudi Arabia’s Second Water Aerodrome
Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and AMAALA, has secured its second operating license for a water aerodrome, this time for Shebara Resort at The Red Sea. “As owners of the Kingdom’s first seaplane airline and its only two water aerodromes up until now, we are firmly establishing ourselves as leaders within tourism and aviation. he added.
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Princess Haifa launches initiative to enhance tourism education and training
Deputy Minister of Tourism Princess Haifa bint Mohammed has launched a comprehensive institutional accreditation initiative aimed to elevate the standard of education and training in the tourism sector. Focus will be placed on boosting the effectiveness of educational programs and aligning them more closely with the needs of the labor market in the Kingdom’s tourism sector, according to a press release from the Ministry of Tourism.
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