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  • Saudi Arabia Gives Final Approval to VAT
     

    The Saudi Cabinet approved on Monday a GCC-wide measure for implementing a value added tax (VAT) of 5% on certain goods, according to reports. The Unified Agreement for Value Added Tax, which will be implemented throughout the Gulf Cooperation Council (GCC) starting next year, is in line with Saudi Arabia’s goals of diversifying government revenues […]

     
  • Saudi Aramco Selects U.S. Firms to Audit Reserves for 2018 IPO
     

    Saudi Aramco has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources told Reuters on Thursday. Saudi Aramco has asked a unit of oil services firm Baker Hughes – Gaffney, Cline and Associates – to carry […]

     
  • Saudi-backed Softbank Technology Investment Fund Hits $100b Mark Ahead of Schedule
     

    Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, allowing the Japanese telecoms group to hit its $100 billion goal weeks ahead of schedule, the Financial Times reports. According to the report, the Saudi-backed fund may be oversubscribed by the time it closes. Abu Dhabi’s sovereign wealth fund is […]

     
  • Four of Seven Saudi Bodies are Returned Home as Kingdom Reels from Lost Youth in Istanbul Terrorist Attack
     

    The bodies of four Saudis who were slain in the attack on an Istanbul nightclub were returned home as the Kingdom reels from the loss of its citizens at the hands of Daesh terrorists abroad. The attack killed seven Saudis and 39 total from 14 countries. Included in the four dead returning to the Kingdom today […]

     
  • Number of Executed in Saudi Arabia in 2016 Dips Slightly from 20-Year High
     

    Saudi Arabia executed 153 people in 2016, a slight reduction over 2015 (158) that marked a 20-year high for the Kingdom. Though figures for Iran and China are less transparent and not yet available for 2016, both countries appear to have executed significantly more than Saudi Arabia last year. China has been dubbed the “world’s most prolific executioner” […]

     
  • U.S. Chamber of Commerce Brings Global Initiative on Health and Economy to Saudi Arabia
     

    A delegation from the U.S. Chamber of Commerce recently traveled to Saudi Arabia as part of an initiative aimed at promoting healthy living as a way to achieve a thriving economy. The U.S. Chamber’s Global Initiative on Health and Economy works to promote health as an economic asset around the world. This month, representatives from the […]

     
  • Major U.S. $7.9 Billion Weapon Sales Plans Include $3.51b in Chinooks to Saudi Arabia
     

    The Defense Security Cooperation Agency (DSCA) has approved five notifications of weapon sales to Congress, including 48 Chinook Cargo Helicopters for Saudi Arabia, Apache helicopters for the United Arab Emirates and TOW missiles for Morocco, according to reports. The estimated cost for the Saudi purchase is $3.51 billion. The Defense Security Cooperation Agency delivered the required […]

     
  • King Salman Dances in Qatar, Causes Social Media Buzz
     

    Saudi Arabia’s King Salman set social media sites buzzing after he was seen dancing the traditional Ardha dance alongside his counterpart, the Qatari Emir HRH Sheikh Tamim bin Hamad Al Thani. The King’s visit to Qatar is part of his tour of several GCC countries this week. King Salman arrived from the UAE, where he celebrated the Emirates’ […]

     
  • Saudi Arabia Replaces Labor Minister, Appoints 30 Women to Shoura Council
     

    Saudi King Salman appointed a new Minister of Labor on Sunday and appointed 30 women to the Shoura council as the Kingdom seeks to turn short term economic pain into long term stability and diversification with its Vision 2030 policy. Dr. Ali bin Nasser al-Afis (also spelled Ali bin Nasser al-Ghafis) is the new Minister, replacing Dr. Mufrej […]

     
  • Jadwa Investment: ‘Prudent Policies’ Should Decrease Saudi Deficit in 2017
     

    Jadwa Investment’s recently released macroeconomic update for the Kingdom’s economy finds that “prudent policies” have been taken to reform the fiscal budget. The Riyadh-based bank said that “fiscal consolidation, coupled with improved non-oil revenues, will mean a smaller-than-anticipated fiscal deficit in both 2016 and 2017. This consolidation will, nevertheless, negatively impact private sector activity, thereby […]

     

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  • Lucid has ‘without a doubt’ surpassed Tesla as the EV industry’s tech leader, CEO says

    Rawlinson recently took to LinkedIn to demonstrate its developing technology, highlighting that the Lucid Air Pure is the most efficient production car in the world. The CEO also compared development of the Air’s technology to that of rivals like Tesla’s Model S — which Rawlinson worked on as chief engineer in the early 2010s — and the Porsche (POAHY) Taycan.

  • Riyadh Metro to launch this year, minister says

    Saudi Minister of Transport and Logistics Services, Saleh Al-Jasser, confirmed that the Riyadh Metro will commence operations this year, aligning with the earlier announcement by the Royal Commission for Riyadh City (RCRC). He emphasized that Riyadh Metro, in terms of scale, stands as the largest metro project globally to be constructed in a single phase. Al-Jasser made these remarks during an interview with Al-Arabiya Business, on the sidelines of the inauguration of the largest integrated logistics zone for Maersk in the Middle East at Jeddah Islamic Port on Wednesday.

  • Summit set to make Saudi Arabia leading global AI model as envisioned by Crown Prince

    The 3rd Global AI Summit would showcase the advancements in artificial intelligence technologies with the participation of more than 300 speakers and specialists representing 100 countries from all over the world. Crown Prince and Prime Minister Mohammed bin Salman, who is also chairman of the Board of Directors of the Saudi Data and Artificial Intelligence Authority (SDAIA), will patronize the summit at the King Abdulaziz International Conference Center in Riyadh from September 10 to 12.

  • Who are the Saudi Pro League’s biggest transfers of summer 2024?

    A blockbuster summer transfer window in 2023, which saw global superstars like Neymar, Karim Benzema and Riyad Mahrez join Cristiano Ronaldo in the Kingdom, contributed to an explosion of interest in the Saudi Pro League – putting it on the world football map like never before. Fast forward 12 months and the fanfare has subsided somewhat as clubs scaled back their signings this summer, with many opting instead to consolidate their existing personnel. Still, there have been plenty of notable forays into the transfer market, with Al Qadsiah and Al Ittihad particularly active – the former spending more than $50 million on reinforcements.

  • Saudi Arabia’s series of law changes eases entry for investment and companies

    Two important laws that came out in the past week include an update to the new investment law which puts Saudi and non-Saudi investors on an equal footing and the amendments to the labour law that are expected to benefit employees and employers and enhance their relationship. As part of the law, there will no longer be a system of getting a foreign investment licence, instead, there will be an investment register that's operated by the Ministry of Investment.

  • Saudi World Cup bid bucks global trend for sporting events

    While other events at the games were held at existing venues, the swimming was the best example of how the Olympics has shifted from being an expensive construction endeavour to a more sustainable event that relies on a city’s existing infrastructure. Football’s Fifa World Cup is edging the same way with its requirement for countries bidding to host the event to use four existing stadiums.

  • Saudi Arabia crude oil exports drop in June

    The Organization of the Petroleum Exporting Countries (OPEC) is set to begin unwinding a level of production cuts of 2.2 million barrels per day from October. Earlier this month OPEC lowered its demand growth outlook for the first time in a year, citing softer expectations for China. Meanwhile, China and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in July.

  • Inside Lebanon’s Ponzi scheme economy and the $100bn outflow crisis

    “A close look over the 2003-2019 period suggests that outflows from Lebanon exceeded inflows to Lebanon by $100 billion, exerting pressure on the net foreign assets of the financial system composed of banks and the Central Bank and depleting liquidity within the system,” Dr. Marwan Barakat, Group Chief Economist and Head of Research at Bank Audi, told Arabian Business.

  • Why a Palestinian plan to revive Gaza and democracy faces doubt and distrust

    Since businessman Mohammad Mustafa was tapped as prime minister in April to form a Cabinet of technocrats with backgrounds in the World Bank and the United Nations, his team has raced to carry out a two-year plan to overhaul the PA and govern Gaza. Its top priority is “relief and recovery” for the Gaza Strip – facilitating lifesaving aid and preparing teams to restore electricity, water, and sanitation “to make the life of people less painful,” Mr. Zaqqout says.

  • Jacobs to Support New Airport Development in Saudi Arabia

    Jacobs (NYSE:J) was selected by King Salman International Airport Development Company to provide concept masterplan validation, detailed masterplan design, runway design and other services for the King Salman International Airport in Riyadh, Saudi Arabia. The masterplan will cover an area of approximately 57 square kilometers and include six parallel runways, new terminals and real estate development in the surrounding area.