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  • Hilton to Open 35 Hotels, Add 10,000 Rooms in Saudi Arabia as Tourism Sector Soars
     

    Hilton Hotels & Resorts announced it is looking to build 35 new hotels in Saudi Arabia, adding as many as 10,000 rooms over the next 3-5 years, according to reports on comments made by a top executive for the company. The decision to invest in Saudi Arabia – the company’s largest pipeline in the Middle […]

     
  • Kingdom Ends Corruption Crackdown with $106 Billion Recovered
     

    Saudi investigators have recovered assets worth more than $106 billion in an anti-corruption crackdown ordered by Crown Prince Mohammed bin Salman, the royal court said on Wednesday. The crackdown began in November 2017 when Saudi Crown Prince Mohammed bin Salman ordered suspects detained at the Ritz Carlton in Riyadh. The government summoned 381 people, although some appeared only […]

     
  • Secretary of State Pompeo Kicks Off 8-Nation Middle East Tour
     

    Secretary of State Mike Pompeo begins a weeklong tour of eight Arab nations in the Middle East through Jan. 15, including a visit to Saudi Arabia. The Secretary’s schedule will take him to Amman, Cairo, Manama, Abu Dhabi, Doha, Riyadh, Muscat, and Kuwait City. Pompeo will give a major speech about America’s role in the region and privately […]

     
  • Oil Posts Biggest Weekly Gain Since December 2016
     

    Brent crude headed for its biggest weekly gain since December 2016 after several months of price falls as Saudi Arabia’s production cuts outweighed concerns over the health of the global economy, according to reports. The weekly gain – nearly 9% on the Brent crude index – follows three weeks of losses and its worst quarter in […]

     
  • Breakthrough Ceasefire Agreements Reached over Yemen Ports as U.S. Senate Rebukes Trump
     

    The internationally recognized Yemeni government and the Iranian-aligned Houthi movement agreed to a ceasefire around the city of Hodeidah and to remove troops from the area in a potential major turning point for the three year old conflict, according to reports. The agreement was reached at U.N.-brokered talks in Sweden. The port, which is currently under Houthi control, […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia’s $1.5B Solar Thermal Project Powers Green Manufacturing

    Saudi Arabia is making a bold move toward decarbonization and industrial sustainability with the launch of the $1.5 billion Ma'aden I initiative. Spearheaded by GlassPoint in collaboration with Saudi Arabia's Ministry of Investment (MISA) and Ma'aden, this project represents the world’s largest industrial solar thermal endeavor, aiming to transform the aluminum supply chain while bolstering Saudi Vision 2030. The initiative begins with the GlassPoint Ma'aden Technology Showcase (GMTS), introducing groundbreaking advancements in solar-to-heat technology. Key innovations include anticlastic polymer membranes and high-performance Niobium mirrors, which have significantly reduced solar field costs by 30% and thermal storage expenses by 50%. These developments are crucial to achieving cost-effective decarbonization in industrial processes.

  • ‏Saudi Electricity Company Signs a Landmark $3.6 Billion International Financing Agreement

    The Saudi Electricity Company (SEC) announced today, the signing of a $3.6 billion international syndicated financing agreement (equivalent to 13.5 billion SAR) with leading global and regional banks. The participating financial institutions include Industrial and Commercial Bank of China (ICBC), Bank of China, Agricultural Bank of China, Bank of Communications, China Construction Bank, KFW IPEX-Bank, State Bank of India, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Boubyan Bank, Dubai Islamic Bank, and Saudi Investment Bank.

  • Saudi Arabia announces the establishment of a new international water research center

    Saudi Arabia has announced the establishment of a new international water research center. The center was established in a partnership between the Ministry of Environment, Water and Agriculture and King Abdullah University of Science and Technology (KAUST), under the patronage of the Minister of Environment, Water and Agriculture, Eng. Abdulrahman Al-Fadley. The announcement was made during the high-level dialogue session "Sustainable water management in arid and semi-arid regions for drought and land resilience," as part of the activities of the Sustainability Innovation Week during the 16th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD Cop16). The center will be a leading global platform for applied research in the field of water research, including water economics, water security, water pollution, advanced technologies, and digital monitoring.

  • Saudi Arabia will host the 2034 World Cup. But when exactly?

    Saudi Arabia proposes 15 stadiums — eight still on paper — in five cities: Eight in the capital Riyadh, four in the Red Sea port city Jeddah, and one each in Abha, Al Khobar and Neom, the planned futuristic mega-project. Each would have at least 40,000 seats for World Cup games. The opening game and final are set for a 92,000-seat venue planned in Riyadh. Some designs are vivid. In Neom, the stadium is planned 350 meters (yards) above street level and one near Riyadh is designed to be atop a 200-meter cliff with a retractable wall of LED screens. Saudi Arabia aims to host all 104 games, though there has been speculation that some games could be played in neighboring or nearby countries.

  • Saudi Arabia lights up after being named as host for FIFA World Cup 2034

    Fireworks illuminated the skies of Riyadh, Jeddah, Alkhobar, Abha, NEOM, Al-Qassim, and Jubail at 8:34 p.m. on Wednesday, after the official announcement from an online ceremony that was broadcast at a Riyadh event attended by Sports Minister Prince Abdulaziz bin Turki Al-Faisal and other officials. The dazzling displays reflected the spirit of unity and excitement surrounding the country’s historic achievement. In celebration,  dynamic drone shows are to captivate audiences in Riyadh, Jeddah, Alkhobar, and Abha. The football-themed festivities, which run until Dec. 14, invite citizens and residents to showcase their national pride by wearing football jerseys and sharing their moments on social media using the hashtag #Saudi2034.

  • Saudi Oil Supply to China Set for Three-Month High in January

    Saudi Arabia is expected to ship in January the highest crude oil volumes to China in three months, after the world’s top crude exporter cut its prices for Asia for next month, trade sources told Reuters on Thursday. Saudi Arabia plans to ship a total of 46 million barrels of crude oil to the world’s largest crude importer in January, the highest volume since October. January deliveries will be significantly higher than the 36.5 million barrels expected to be shipped from Saudi Arabia to China in December. This month will see a second consecutive month of lower Saudi deliveries to China.

  • Assad’s final hours in Syria: Deception, despair and flight

    Bashar al-Assad confided in almost no one about his plans to flee Syria as his reign collapsed. Instead, aides, officials and even relatives were deceived or kept in the dark, more than a dozen people with knowledge of the events told Reuters. Hours before he escaped for Moscow, Assad assured a meeting of about 30 army and security chiefs at the defence ministry on Saturday that Russian military support was on its way and urged ground forces to hold out, according to a commander who was present and requested anonymity to speak about the briefing.

  • Blinken says he discussed Gaza ceasefire agreement with Turkish top officials

    U.S. Secretary of State Antony Blinken said on Friday that he discussed the imperative of Palestinian militant group Hamas' saying 'yes' to the Gaza ceasefire agreement in his talks with Turkey's President and Foreign Minister. "In my discussions with President Erdogan and with Minister Fidan we talked about the imperative of Hamas saying yes to the (Gaza) agreement that's possible to finally help bring this to an end," Blinken said, following his meeting with Turkish foreign minister Hakan Fidan in Ankara.

  • Guggenheim considers Saudi headquarters

    US-based Guggenheim Partners Investment Management — which manages $335 billion in assets — is considering establishing a regional headquarters in Saudi Arabia, Anne Walsh, the firm’s Chief Investment Officer, told Semafor. Guggenheim has an office in Dubai, and Walsh said the firm is looking to expand in the Gulf. While Guggenheim primarily invests in the US, it is eyeing infrastructure opportunities in the region, she said.

  • Goldman Sachs Names Alzaim Saudi CEO as US Bank Boosts Presence

    Alzaim will also continue in his role as head of investment banking for Saudi Arabia, according to an internal memo seen by Bloomberg. He joined Goldman in 2021 as an executive director and was named managing director in 2023. Prior to that, he served as an associate director in the investment banking advisory team at HSBC Saudi Arabia. He succeeds Khalid Albdah, who left Goldman after nearly a decade in October. Albdah has since been named as the head of the Middle East, North Africa and New Markets business of Neuberger Berman.