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Petrochemicals Sector in Saudi Arabia Remains Vital for Vision 2030 Aims
The Petrochemicals sector in Saudi Arabia makes up 60% of the Kingdom’s non-oil exports and remains vital to the Kingdom’s Vision 2030 aims, according to a recent study on the sector released by Jadwa Investment. The sector’s prominence in the non-oil economy means it has been identified by both the National Transformation Program (NTP) 2020 and […]
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“Ken of Arabia” Lands Moelis and Co. as Lead Advisor for Saudi Aramco IPO
Saudi Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its plans for what is expected to be the world’s biggest initial public share offer, Reuters reports. Moelis & Co secured the role of lead independent adviser. The selection is set to move the small newcomer, and its CEO, […]
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Raw Video Emerges of Houthi Attack on Saudi Frigate as U.S. Sends Destroyer to Red Sea
Raw video has emerged online of a Houthi attack on a Saudi frigate that damaged the ship and drew the condemnation of Saudi Arabia and its allies. Suicide boats belonging to the Houthi militias from Yemen struck the Saudi frigate off Hodeida port in the Red Sea. Two crew members were killed and three were […]
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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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Temporary ban on Brazilian poultry imports will not impact Saudi market, says committee
The National Committee of Poultry Producers at the Federation of Saudi Chambers has downplayed the impact of the temporary ban on importing poultry products from Brazil due to the outbreak of Newcastle disease on the Saudi market. The committee's chairman, Mohammed Al-Shaya, stated that the temporary ban from Brazil would not significantly affect the quantities available in the Saudi market or the prices. This is because the Kingdom relies on local production to meet its market needs for both fresh and frozen poultry.
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Communication gaps hinder Saudi gigaprojects
In hindsight, the lack of detail was due to the fact that their masterplans had either not been completed or approved, which meant that specific project elements could not be publicised. For example, the Red Sea project was first announced in mid-2017, but it was not until early 2019 that its masterplan was approved and more details could be revealed.
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Saudi Coffee: A New Chapter in the History of Arab Coffee
The country consumes over 80,000 tons of coffee annually, ranking among the top 10 countries worldwide in terms of consumption per capita. The market imports 70,000-90,000 tons of coffee annually, and Saudis spend over 1 billion Rials on coffee annually. By the end of 2021, the kingdom had 400,000 coffee trees in 600 farms, with plans to plant 1.2 million by 2025.
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Thousands protest as Netanyahu addresses US Congress
Thousands of people gathered in Washington DC to protest against Israel's Prime Minister Benjamin Netanyahu, who delivered a speech to the US Congress on Wednesday. He said America and Israel "must stand together" and prompted several standing ovations in the chamber as he gave his address. Mr Netanyahu also criticised the demonstrators gathered outside, who he called "Iran's useful idiots". Dozens of lawmakers refused to attend his speech in protest.
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U.S. Exports to the Arab World Jump By 12 Percent to $65.3 Billion
According to data released last month by the U.S. Census Bureau, U.S. goods exports to the Arab world jumped 12 percent to $65.3 billion in 2023, marking the first year-on-year increase in U.S. exports to the Middle East and North Africa (MENA) since the COVID era in 2021.
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Saudi provides food aid to Sudan, Yemen
The Kingdom’s aid agency KSrelief has continued to provide food to vulnerable families in Sudan and Yemen, the Saudi Press Agency reported on Wednesday. In the River Nile state of Sudan, 1,200 boxes of food were given to 6,900 individuals affected by the ongoing conflict in the country. In the Al-Mansoura district of Yemen’s Aden governorate, KSrelief handed out 413 boxes of food for 2,891 individuals, as a part of its continuing aid project in the war-torn country.
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Undiscovered Saudi: The ultimate guide to Yanbu
Yanbu, also known as Yambu or Yenbo, derives its name from the springs that originate in the city. Located in the Madinah Province, it is in close proximity to the Red Sea and is often overlooked for the nearby Jeddah. Yanbu is one of the two main Red Sea hubs for underwater adventures and boasts a history dating back more than 2,000 years – Lawrence of Arabia’s former home, anyone?
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Under the Abaya: Uncovering Saudi Women’s Individualities
Under the Abaya focuses on enabling Saudi women to access high-quality education through an innovative business model. The initiative publishes books that provide a rich insight into the life of women in Saudi Arabia, put together by the women of Saudi Arabia. The profits of these books then go on to fund scholarships, as well as female-led charitable causes, for eager Saudi female learners.
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Saudi Arabia welcomes deal between Yemeni government, Houthis
Saudi Arabia on Wednesday welcomed a deal between Yemen’s government and the Iran-backed Houthi militia to halt tit-for-tat banking sanctions. The deal was announced on Tuesday by Hans Grundberg, the United Nations’ envoy to Yemen, in a bid to end the warring parties’ battle for control over the country’s financial institutions.
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Cristiano Ronaldo tops list of highest paid players in Saudi Arabia [See top 10]
Portugal forward and captain of Al Nassr Cristiano Ronaldo currently tops the list of the highest paid players in the Saudi Pro League. Following his move to Al Nassr in January 2023 after parting ways with Manchester United, Ronaldo has continued to make headlines not just for his on-field performances but also for his staggering earnings.
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