In an exclusive interview with CGTN, the Saudi Minister of Tourism said that Saudi Arabia will further boost its tourism sector to attract more Chinese tourists to visit, of which he added that the Chinese market is extremely important. He also noted that the Kingdom aims to attract 3 to 4 million Chinese tourists a annually.
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Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]
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Jeddah Cell Connected to ISIS Busted after Two Saudis Blow Themselves Up During Raid
Saudi Arabia has busted a large terror cell after two Saudis blew themselves up during a gun battle in Jeddah, the Kingdom’s second-largest city. In addition to the two dead, 16 suspected terrorists have been arrested, including three Saudis and 13 Pakistani nationals, according to the Saudi Gazette. The Kingdom has also named the two […]
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Saudi Arabia May Cancel $20b in Projects to Cut Costs, Hires PwC
Saudi Arabia is reportedly working with accounting and consulting firm PricewaterhouseCoopers (PwC) on plans to cancel up to $20 billion of projects as the Kingdom continues to seek ways to cut costs as part of economic reforms, Bloomberg reports. The Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts and aims […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]
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Surprise Early Gains for Saudi Leaders in Fight Against State Spending as Successful Deficit Cuts Seen Beyond Projections – Reuters
Saudi Arabia’s 2017 state budget is “likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy” next year, according to a report in Reuters by reporters Marwa Rashad and Andrew Torchia. After a tough year economically for the Kingdom, […]
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$800m King Abdulaziz Center for World Culture in Dhahran Opens
Saudi Aramco opened the $800 million King Abdulaziz Center for World Culture in Dhahran on Thursday, a large steel structure that aims to deepen knowledge and creativity among Saudi youth, according to reports. According to Reuters, the center, known as “Ithra” (“to enrich” in Arabic) is located close to Saudi’s “prosperity well” that tapped some of the […]
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Trump’s Complex Global Business Interests Could Present Problems for President-Elect
President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]
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Three New Ventures by MiSK to Boost Innovation, Training and Investment
Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]
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Pilgrims ‘stone the devil’ in early hours to beat the blazing heat
Muslim pilgrims took part in the symbolic stoning of the devil on Monday in the final ritual of the Hajj, with many doing so in the early hours of the morning to escape the worst of the blazing summer heat. Temperatures hit 48C by 2pm in Makkah and the holy sites in and around the city, the Saudi National Center for Metrology said. “Of course, it is something very hard and tiring. The temperature is abnormal compared to the past years and this affects us a lot,” said Ahmed Al-Baradie, from Egypt.
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Davis Cup – Thailand, Saudi Arabia and Syria seal promotion from Asia/Oceania III
Thailand, Saudi Arabia and Syria clinched the three promotion spots available from the Asia/Oceania Group III event contested at the Jordan Tennis Federation in Amman last week. Thailand, who finished top of the event, defeated Saudi Arabia in the 1st and 2nd place play-off, while Syria overcame Vietnam 2-1 in a close-fought 3rd and 4th place play-off.
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MBS urges international community to recognize independent Palestinian state
Saudi Arabia’s Crown Prince Mohammed bin Salman called on the international community on Monday to recognize an independent Palestinian state, emphasizing that this step is crucial for achieving peace. “The Kingdom renews its call to the international community to recognize the independent State of Palestine, on the 1967 borders, with East Jerusalem as its capital. This will enable the brotherly Palestinian people to obtain their legitimate rights” and pave the way for “comprehensive, just, and lasting peace,” state news agency SPA quoted the Crown Prince as saying.
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Saudi Arabia Seeks More Chinese Tourists, Says Saudi Minister Of Tourism
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Saudi Arabia takes the lead in GCC-Central Asia economic collaboration
In May, Riyadh hosted the GCC Central Asian Investment Forum 2024, a significant event that brought together key figures from the public and private sectors of the Gulf countries and Central Asia. The discussions and panels at the forum highlighted the urgent need for these two regions to collaborate and their potential as ideal partners for broad, long-term cooperation. Notably, Saudi Arabia stands out with the experience, capabilities, and ambitions necessary to lead in establishing a permanent platform for these partnerships to flourish.
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Top esports teams from the Gulf region prepare for an epic showdown in Riyadh
Esports fans eagerly await the GCC League 2024 finals in Riyadh. Hosted by the Saudi Esports Federation (SEF), this premier Middle Eastern tournament features top talent from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. The competition began with 12 teams competing in Rocket League, a popular vehicular football game, and will culminate on June 27-28. Contestants will vie for a $150,000 prize pool, competing in both Rocket League and TEKKEN 8.
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In the Middle East, China presents itself as a constructive actor
An expert affiliated with the China University of Political Science and Law told us that experts in Chinese political circles strongly believed in the need to strengthen the Palestinian front. Peace talks could not proceed without greater Palestinian unity, he argued. The April meeting could be a stepping stone towards a meeting between Israel and Palestine that Beijing might hold this year, that expert said.
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Social Media Is the Main Gateway to Online News
Within the large proportion of online news consumers, there has been a shift in online news consumption, however, as social media platforms play an increasingly important role, not only as a news source but also as a general gateway to online news. While direct access to news websites or apps used to be the most common entry point for online news consumption in 2018, it is now only the third most important gateway to online news, behind search and social media.
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“Norah”: A Groundbreaking Saudi Film Makes Its Mark at the Cannes Film Festival
The 77th Cannes Film Festival marked a significant milestone for Saudi cinema with the inclusion of ‘Norah’ in the Un Certain Regard section. This recognition is noteworthy as "Norah" is the first Saudi film, entirely shot in AlUla and featuring an all-Saudi cast, to be officially selected at Cannes.
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Reports of the petrodollar system’s demise are ‘fake news’ – here’s why
"The evidence for any kind of conspiracy is thin to nonexistent," Brew told MarketWatch in an interview on Friday. "There is a very clear record of both the Americans and the Saudis being concerned in the aftermath of the global oil shock of what Saudi surpluses would do to the global economy."
"It was a very common-sense solution to a mutual problem," he added.
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