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Crown Prince Mohammed’s Promotion, MSCI Announcement Jolts Saudi Stock Market to Big Gains
Saudi Arabia’s stock market soared for a second straight day following two big storylines that are giving investors confidence: the promotion of Prince Mohammed bin Salman to first-in-line to be King of Saudi Arabia, and news that the Kingdom may be considered for MSCI Emerging Market index inclusion as soon as 2019. The announcement of […]
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U.S. Senate Scrutinizes Precision-Guided Arms Package for Saudis
A proposed sale of $500 million worth of U.S. precision-guided missiles to Saudi Arabia is coming under growing scrutiny from Congress, according to reports, as a key vote looms in the U.S. senate today. Foreign Policy magazine reports that the planned sale of munitions would replenish the kingdom’s depleted stocks after two years of daily bombing […]
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President Trump, King Salman Speak Amid Qatar Diplomatic Fallout
U.S. President Donald Trump spoke by phone with Saudi Arabia’s King Salman amid a growing crisis between GCC states over allegations that Qatar is funding terrorism and extremist activities. Saudi Arabia, the UAE, Egypt and three other states have cut diplomatic ties with Qatar, threatening a socio-economic crisis for what Saudi Arabia’s leaders only recently […]
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Goldman Sachs Applies to Saudi CMA for Equities Trading License in Saudi Arabia
Goldman Sachs has applied to Saudi Arabia’s capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country, Reuters reports. The bank has been operating in Saudi Arabia since 2009 as an agent and underwriter, […]
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Flurry of Business Activity in Riyadh as SoftBank To Launch $100 billion Fund during President Trump’s Visit, One of Many Deals Slated for Busy Weekend
Japan’s richest man and Softbank CEO Masayoshi Son will travel to Saudi Arabia and announce the close of the first fundraising round for what will be the world’s biggest private equity fund, backed by Saudi Arabia’s sovereign wealth fund and Apple Inc., according to a Reuters report. The expected launch of the $100 billion Vision Fund […]
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New Saudi Arms Manufacturer ‘SAMI’ Launched As Part of Vision 2030 Ahead of Trump Visit
Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the launch of a national state company for arms manufacturing as part of its Vision 2030 economic and social reform program, according to reports. The new company, the Saudi Arabian Military Industries (SAMI), will be producing not just arms but armored vehicles and will work to repair […]
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Saudi Defense Ministry’s Ideological Warfare Center Combats ISIS’ False Narrative
Saudi Arabia has established an Ideological Warfare Center (IWC) to combat the narrative put forth by extremist groups like ISIS and Al-Qaeda, and to combat extremism at its ideological roots. The IWC is affiliated with the Saudi Ministry of Defense, run by Deputy Crown Prince Mohammed bin Salman, and officially aims to “confront the roots of extremism […]
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In Interview, Deputy Crown Prince Mohammed bin Salman Discusses Economic Reforms, Regional Challenges
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman gave a wide-ranging interview with Saudi TV station MBC yesterday, discussing regional politics, the war in Yemen, the economy, Vision 2030, and Saudi Aramco’s planned IPO. The interview – given in Arabic – was widely broadcasted in the Kingdom and discussed on social media sites. It was his […]
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Is a Political Solution to the Yemen Conflict on the Horizon?
The Saudi-led coalition is “now looking for a political solution rather than a military operation to take Yemen’s Red Sea port of Hodeidah,” former US officials who work on Yemen told Al Monitor‘s Laura Rozen. The possible breakthrough could avoid a military escalation to take the Houthi-held strategic port, which would make the catastrophic food shortage […]
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HSBC, RBS to Discuss Potential Merger to Create 3rd Largest Lender in Saudi Arabia
For sale stakes in two Saudi banks pose risks and opportunities for buyers as Saudi Arabia pushes forward with massive economic and social reform plans. One of those for sale stakes in Alawwal Bank may have found an interested buyer. HSBC Holdings Plc and Royal Bank of Scotland Group Plc’s Saudi Arabia ventures are exploring a […]
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MUST-READS
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Saudi Arabia arrests 21,049 illegals in one week
Saudi authorities arrested 21,049 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday. According to an official report, a total of 13,209 people were arrested for violations of residency laws, while 5,177 were held over illegal border crossing attempts, and a further 2,663 for labor-related issues.
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Saudi Arabia ranks 1st among G20 countries in workforce growth rate
Saudi Arabia achieved the highest growth rates in both male and female workforce participation among all G20 countries between 2016 and 2021, according to data from the Kingdom’s National Labor Observatory. The statistics reveal a 1.7 percent growth rate for male workers in Saudi Arabia, surpassing Australia’s 1.5 percent and exceeding the rates of other G20 nations. Female workforce growth was even more notable, with a rate of 5.5 percent in Saudi Arabia compared to 2.1 percent in Australia and lower figures in the rest of the G20.
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Discover Saudi’s newest World Heritage Site
Set in a strategic point of the ancient trade routes that used to crisscross the Heart of Arabia and abruptly abandoned around the 5th century CE, the site of Al-Faw – which includes the vestige of the city of Qaryat al-Faw – is full of mysteries waiting to be uncovered.
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Saudi Arabia’s Domestic Tourism is Surging with Solo Travelers Leading the Charge
Domestic travel in Saudi Arabia has seen a significant rise, according to recent data from Wego. Wego’s report highlights a notable 20.31 percent increase in domestic flight bookings during Eid Al-Fitr this year compared to the same period last year. The travel app and online marketplace, catering to the Middle East and North Africa (MENA) region, recorded over three million searches specifically for Riyadh. Additionally, there was a 19.63 percent increase in domestic travel bookings during Eid Al-Fitr compared to the previous month.
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The Country with the Highest Indian Population in the World
India has the highest population in the world, which currently stands at around 1.43 billion, followed by China at 1.41 billion. Considering the Indian population, it is no surprise that it is the leading country with the highest rates of emigration. According to the UN, the total number of emigrants from India was around 78.26 million between 1990 and 2020. According to India’s Ministry of Foreign Affairs, the total number of overseas Indians in the world is approximately 35.42 million, as of May 2024. This number includes a total of 15.85 million non-resident Indians and nearly 19.57 million people are of Indian origin.
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Top U.S. general in the Middle East as U.S. and Israel prepare for possible Iran attack
The U.S. general in charge of American forces in the Middle East arrived in the region on Saturday as preparations continue for a possible attack against Israel from Iran in retaliation for the assassinations of senior Hamas and Hezbollah leaders, two U.S. officials said.
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Calls for foreigners to leave Lebanon as war fears grow
Several countries have urged their nationals to leave Lebanon, as fears grow of a wider conflict in the Middle East. Iran has vowed “severe” retaliation against Israel, which it blames for the death of Hamas political chief Ismail Haniyeh in Tehran on Wednesday. Israel has not commented. His assassination came hours after Israel killed Hezbollah senior commander Fuad Shukr in Beirut. Western officials fear that Hezbollah, an Iran-backed militia and political movement based in Lebanon, could play a key role in any such retaliation, which in turn could spark a serious Israeli response.
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Blinken told G7 Iran and Hezbollah could attack Israel in next 24 hours
Secretary of State Tony Blinken told his counterparts from the G7 countries on Sunday that an attack by Iran and Hezbollah against Israel could start as early as Monday, three sources briefed on the call tell Axios.
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A Battle Over a Farm, a Mosque and the Moral High Ground
In 2006, a developer planning a gated community in the area offered to buy the land. The elder Robinson was beat up from the hard labor, and his sons were not far behind. “So why not move on to the next chapter?” Brad Robinson recalled thinking.
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Saudi Arabia Unveils Plans for 11 New Stadiums in 2034 World Cup Bid
Saudi Arabia is set to make a significant impact on the global sports stage with its bid to host the 2034 FIFA World Cup. The bid includes plans for 11 new stadiums, highlighting the country’s commitment to modernising its infrastructure and enhancing its international profile. The announcement, made in Paris, showcases the kingdom’s intent to build new stadiums across five key cities: Riyadh, Jeddah, Khobar, Abha, and Neom’s futuristic city, The Line.
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