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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 […]

     
  • 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 […]

     
  • 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, […]

     
  • Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
     

    Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]

     
  • ‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
     

    Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • Saudi Arabia Switches to Gregorian Calendar
     

    Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]

     
  • Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
     

    Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally.  Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]

     

MUST-READS

  • Leonardo expands proximity support services for helicopters in the Kingdom of Saudi Arabia

    One of the largest operators of Leonardo helicopters in the Middle East; Mukamalah Aviation Company has been operating AW139s since 2008 and AW109 light twins since 2006, mainly to perform offshore transport missions in Saudi Arabia to support the oil and gas industry. Today’s Mukamalah Leonardo helicopter fleet consists of 27 units.

  • Turkey returns $5bn Saudi deposit in show of economic confidence

    Turkey’s central bank has handed back to Saudi Arabia a $5bn deposit, underscoring Ankara’s progress in replenishing its foreign currency stores as part of its economic turnaround effort. The deposit agreement Turkey forged with the Saudi Fund for Development in March 2023 was terminated by mutual agreement, the Turkish central bank said on Wednesday. Turkey’s move to unwind the agreement is the latest sign of how President Recep Tayyip Erdoğan’s pivot to more conventional policies following his re-election in May 2023 is steadying the country’s $1tn economy.

  • Saudi Arabia tops GCC bond market with $37b issuance

    Saudi Arabia emerges as the leading issuer in GCC bond market by raising $37 billion (Dh135.8 billion) through 44 issuances during the first half of 2024. This amount reflects a 12.5 per cent increase from the same period last year and represents 49 per cent of the total new supply of GCC bonds and sukuk, according to the Markaz GCC Bonds and Sukuk Market Report. Overall, the GCC primary issuances reached $75.5 billion (Dh277 billion) during this period, marking a significant 38 per cent rise from $54.8 billion (Dh201 billion) in the first half of 2023.

  • Sports Powerhouse IMG Forges Broadcast Production Partnership With Saudi Soccer Entities

    Starting from the 2024-25 season, IMG will take on the role of broadcast producer on top of being distributor outside the Middle East and North Africa (MENA) region for the Roshn Saudi League, King’s Cup and Saudi Super Cup in tandem with their partners.

  • Saudi Arabia Building New City of ‘Smart Homes’ for 120,000 People

    Potential buyers can choose from six types of villas ranging from 216 to 413 sq meters. There are also plans to build four apartment blocks with one- to three-bedroom units. According to specialized news outlet Construction Briefing, the foundation for the project was laid in May. Saudi news outlet Asharq Al-Awsat reported that on July 9 the Talaat Moustafa Group told the Egyptian stock exchange that Banan City had achieved unprecedented sales and surpassed its year one target in just two months.

  • Can Saudi Arabia become a “new playground” for energy storage?

    For photovoltaic giants, shifting production capacity to the Middle East is an act of necessity. On June 7, 2024, the US International Trade Commission passed preliminary rulings on the anti-dumping and countervailing duty investigations of photovoltaic products from Cambodia, Malaysia, Thailand, and Vietnam. This signifies the end of the duty-free policy for some photovoltaic products imported from these four Southeast Asian countries, which began in June 2022, as of June 6 this year. Subsequently, Chinese photovoltaic manufacturers exporting to the US from Southeast Asia will face tariffs.

  • FedEx Appoints Abdulrahman Al-Mubarak as Managing Director Operations of Saudi Arabia

    Federal Express Corporation, the world’s largest express transportation company, has appointed Abdulrahman Al-Mubarak as its new Managing Director Operations of Saudi Arabia. Based in Riyadh, Abdulrahman holds a regional role in the Middle East and is responsible for the company’s strategic direction and operations for Saudi Arabia, Egypt, and Jordan.

  • Saudi focuses on global economy at G20 development meeting

    Saudi Arabia’s Economy and Planning Minister Faisal bin Fadel Alibrahim has been holding talks with officials from several nations on the state of the global economy at the G20 Development Ministerial Meeting in Brazil. On the sidelines of the G20 meeting, which began on Monday and ends on July 24, Alibrahim held discussions with Brazil’s Foreign Affairs Minister Mauro Vieira on the latter’s agenda while holding the presidency of the G20.

  • Over 2,000 Local Factories Linked to Saudi Mega Projects

    Saudi Arabia’s Ministry of Industry and Mineral Resources has added over 200 products to the national mandatory list and localized the production of vaccines and biological drugs for around 214 priority treatments. Additionally, more than 2,000 local factories are now linked to major projects like NEOM, ROSHN, and the Diriyah Gate Development Authority. A recent report reviewed by Asharq Al-Awsat reveals that the industrial sector saw substantial growth last year, with over 1,300 new licenses issued, attracting more than 81 billion riyals ($21.6 billion) in investments.

  • Opinion: Biden’s Legacy and Netanyahu’s Missed Moment?

    While there is already much to discuss regarding Biden’s presidential legacy in the Mideast, an interesting question emerges. If Biden no longer needs to focus on the campaign, can he do something to enhance his legacy before the end of his term? Moreover, could this intersect with Netanyahu’s visit?