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  • End of U.S. Waivers on Iranian Oil Looms Large on Future OPEC Output Quotas, Jadwa Says
     

    A recently released report by Jadwa Investment examines the potential impact of the decision by the Trump administration to not extend all waivers on Iranian oil beyond May 2nd. The ending of waivers would require the cessation of all oil purchases from Iran, which averaged at least 1.5 million barrels per day (mbpd) in Q1 2019. […]

     
  • Saudi Government Data Reveals Large-Scale Crackdown on Illegal Workers, Residents
     

    A crackdown that began in November 2017 on illegal labor in Saudi Arabia has resulted in the deportation of 750,504 expatriates to their respective countries, according to official data. The kingdom has been detaining people for residential, labour and border security regulations since November 2017 with 19 government departments participating in the campaign. Saudi Arabia is […]

     
  • Lockheed Clinches $2.4 billion Deal for Sale of ‘Crown Jewel’ THAAD missiles to Saudi Arabia, Part of $15 billion Package
     

    Bethesda, Maryland-based Lockheed Martin Corporation was awarded a $2.4 billion Pentagon contract on Monday for THAAD interceptor missiles, some of which will head to Saudi Arabia, Reuters reports. The announcement of the THAAD system was “part of a $15 billion package for defensive ballistic missile systems,” the UPI reports. Lockheed will provide interceptors and associated one-shot […]

     
  • Inflows Surge as Tadawul Upgrades to Inclusion in FTSE Russell and S&P Dow Jones Emerging Market Indices
     

    Saudi Arabia’s stock exchange, the Tadawul, began the first phase of inclusion into the FTSE Russell and S&P Dow Jones Indices (S&P DJI), which is expected to lead to billions in inflows into the country and represent a milestone for Saudi authorities as the country continues to open up to investment. Inclusion of Saudi Arabia into the FTSE Russell […]

     
  • Ambitious Goals for Saudi Ports in Vision 2030 Drive
     

    The Saudi Ports Authority says it aims to reduce container time at its ports to three days by 2020 while simultaneously pushing for more than double handling by 2030, according to the Saudi Press Agency and other reports. The goals fit into the kingdom’s Vision 2030 economic and social reform drive which prioritizes the generation of efficiencies […]

     
  • Saudis ‘interested in market stability first and foremost’ despite Trump’s tweets
     

    President Trump’s attempts to restrain oil prices via Twitter have a reduced impact as Saudi Arabia says it will continue output cutbacks aimed at raising the price on global indices.. The President has used his Twitter account successfully in the past year to blast OPEC and Saudi Arabia while the price of crude rebounded from 2016 lows. […]

     
  • Visa Launches Apple Pay in Saudi Arabia as Executives Continue Probe of Absher App
     

    Visa on Tuesday launched Apple Pay in Saudi Arabia, allowing its Kingdom-based cardholders to make payments using their Apple devices, according to reports. Early reports via Apple Insider show “compatibility with previously confirmed financial partners including the country’s largest institution, the National Commercial Bank….Separately, individual banks like Al Rajhi confirmed access to the service in release notes accompanying […]

     
  • Saudi Arabia to establish an independent export and import finance bank
     

    Saudi Arabia will establish an independent export and import finance bank with a capitalization of SAR 30 billion riyals ($8 billion) to provide financing to local exporters and foreign importers, the UAE-based The National reports. The Kingdom first proposed the EXIM bank to support sales of its goods abroad in 2017. The Saudi Exports Development Authority (SEDA) […]

     
  • Report: The Oil Market Roller Coaster
     

    It has been a tumultuous six months for oil prices on international indices. Prices have slightly rebounded early in 2019 after a precipitous fall from over $86 in September on the Brent Index to just over $50 on Christmas Day. In response, the Saudi-led OPEC+ group agreed in December to cut prices to erode a global […]

     
  • OPEC Gets Jump on Planned Production Cuts, Slashes Output in December
     

    The nations forming the OPEC+ alliance slashed oil production in December, one month before the producer group officially began a fresh round of output cuts agreed to late last year in response to a global supply glut and fears of a worldwide recession, according to CNBC. OPEC’s oil output fell by 751,000 barrels per day, to 31.6 million […]

     

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