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  • Higher Oil Prices Push Saudi Quarterly Revenue Up 67%
     

    Saudi Arabia’s second-quarter budget revenue increased 67 percent from the year-earlier period, Bloomberg reports. Revenue climbed to 273.6 billion riyals ($73 billion), boosted by an 82 percent increase in oil revenue; non-oil revenue rose 42 percent to 89.4 billion riyals ($24 billion), while the budget deficit fell to 7.4 billion riyals ($2 billion), according to […]

     
  • Third Cinema Operating License Awarded in Saudi Arabia as Entertainment Sector Heats Up
     

    Saudi Arabia’s Minister of Information and Chairman of the General Authority for Audiovisual Media Dr. Awwad Al-Awad awarded the third cinema operation license to the Al-Rashed United Group — Empire Cinema as the Kingdom’s entertainment sector heats up. US giant AMC and Dubai-based Vox Cinemas received the first two licenses and have already opened theaters in April […]

     
  • Saudi Research and Marketing Group, UK-Based Independent Ink Media Deal
     

    Last week, the Saudi Research and Marketing Group (SRMG) and the UK-based Independent announced an exclusive licensing deal that will lead to the creation of four new online news services offering “the highest-quality, free-thinking, independent news, insight and analysis on global affairs and local events,” according to reports. SRMG, the middle east’s biggest publisher whose mastheads […]

     
  • KAPSARC Report: The $200 Billion Annual Value of OPEC’s Spare Capacity to the Global Economy
     

    A recent peer-reviewed report by the King Abdullah Petroleum Studies and Research Center (KAPSARC) finds that OPEC’s spare capacity reduces oil price volatility and generates between $170 and $200 billion of annual economic benefits for the global economy. “Rising international oil prices and increased geopolitical uncertainty have put OPEC’s spare production capacity back into the spotlight,” […]

     
  • For the Third Time in 9 Months, IMF Raises Saudi Growth Forecast
     

    The International Monetary Fund on Monday raised its growth forecast for the Saudi Arabian economy on the back of higher oil prices. In the organization’s World Economic Outlook update, the IMF said the Saudi economy — which contracted by 0.9 percent last year — would grow by 1.9 percent in 2018, up 0.2 percentage points […]

     
  • Report: Saudi to Invest $10b in South Africa’s Economy
     

    Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers […]

     
  • Financial Sector Development Program: Delivery Plan 2020
     

    A recently released report from Jadwa Investment shines light on the Saudi Arabia’s Financial Sector Development Program (FSDP), which was announced in April of this year. “In many ways, the FSDP is one of the most important Vision Realization Programs (VRPs), in that the success of the other 11 VRPs are wholly dependent on it,” […]

     
  • ‘The Worst May be Over for Saudi Economy’ as GDP Growth Returns
     

    Rising oil prices and a surge in the non-crude sector jolted the Saudi economy back to life in the first quarter of this year, according to reports, as economists and analysts say the worst might be over for the Kingdom after enacting tough but needed economic reforms. The Kingdom’s GDP grew for the first time […]

     
  • Saudi Arabia, Russia to Jointly Invest $2 Billion in Tech Following Crown Prince, Putin Meeting
     

    Saudi Arabia and Russia will jointly invest $2 billion in technology projects next year, according to reports, following the visit of Crown Prince Mohammed bin Salman to Russia at the start of the World Cup last week. Russia’s RIDF, the country’s sovereign wealth fund, and Saudi Arabia have already allocated $10 billion for investment with $2 billion […]

     
  • Saudi Arabia, UAE and Kuwait Come to Jordan’s Aid with $2.5b after Weekend Summit
     

    Saudi Arabia and two Gulf nations agreed to a $2.5b aid package to help support Jordan’s economy after a proposed income-tax increase sparked some of the largest protests seen in the region since the Arab Spring protests in 2011. The package of aid will include a deposit in the Central Bank of Jordan, guarantees to the World […]

     

MUST-READS

  • Saudi Ministry unveils $26.65 million initiative to transform Najran into mining hub

    At a recent investor meeting in Najran, Minister Bandar Alkhorayef emphasized the ministry’s dedication to supporting investors and tackling sector challenges. The Industrial Fund, offering up to 75% financing, specifically targets support for the Najran region, recognized as a promising peripheral area.

  • Questions mount over six hostages’ fate in Gaza after IDF finds gunshot wounds

    Fury was palpable at the end of a demonstration in Tel Aviv on Thursday, as protesters demanded a deal to free Israeli hostages in Gaza and grieved this week’s news that the bodies of six captives had been retrieved. Their tragic fate has raised fears that more Israeli hostages will not be retrieved alive either, said one protester. “We need to bring back those that we know were alive,” Daniel told CNN. Continuing war as negotiations for a ceasefire-hostage deal falter “will only bring more coffins to them and to us,” the 48-year-old added.

  • Taliban codify morality laws requiring Afghan women to cover faces, men to grow beards

    Afghanistan's Taliban formally codified a long set of rules governing morality this week, ranging from requiring women to cover their faces and men to grow beards to banning car drivers from playing music, the Justice Ministry said. The rules, promoted as in line with Islamic sharia law and to be enforced by the morality ministry, were based on a decree by the Taliban's supreme spiritual leader in 2022 and were now officially published as law, a Justice Ministry spokesman said.

  • 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.