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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, […]

     
  • $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 […]

     

MUST-READS

  • Saudi Minister of Commerce Concludes Visit to Republic of Korea

    The Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC), Dr. Majid bin Abdullah Al-Qasabi, met with the Minister of Land, Infrastructure and Transport, Dr. Sangwoo Park, today in Seoul, Republic of Korea. The meeting, which also had the Kingdom of Saudi Arabia's Ambassador to the Republic of Korea, Sami bin Mohammed Al-Sadhan, in attendance, covered discussions on the Kingdom's Vision 2030, economic and development reforms, cooperation and partnership opportunities, and the exchange of expertise, particularly in priority sectors.

  • Saudi equestrian team gears up for Paris 2024 Olympics with high hopes and fond memories

    As the Saudi equestrian team prepares for their participation in the Paris 2024 Olympics, they are filled with memories of their last Olympic appearance, where they secured a bronze medal in the team event at the London 2012 Olympics. On Thursday, the team will compete in the mixed team show jumping event at the historic Palace of Versailles arena, established in Paris in 1624.

  • Lawyers for Saudi Arabia seek dismissal of claims it supported the Sept. 11 hijackers

    Lawyers for Saudi Arabia argued Wednesday that the country fought against terrorism and al-Qaida, just like the United States, in the 1990s and should not be a defendant in lawsuits seeking over $100 billion for relatives of people killed in the Sept. 11 terrorist attacks. U..S. District Judge George B. Daniels listened Wednesday to arguments about evidence in the two-decade-old Manhattan case, but he did not immediately rule.

  • Saudi IPO rush set to continue in second half of 2024, top corporate lawyers say

    This follows analysis by Kuwait’s Financial Centre, also known as Markaz, indicating that more than half (59%) of total IPO proceeds in the Gulf Cooperation Council (GCC) were derived from Saudi Arabia, the largest economy in the GCC, in the first half of 2024. Saudi Arabia raised US$2.1 billion from 19 offerings in the six months to the end of June. These included US$1.95 billion listed in its main market, Tadawul, and US$143 million in the parallel market, also known as Nomu.

  • Saudi Arabia makes significant progress in WEF skilled employees index

    Saudi Arabia has been strengthening its labor market for the last few years. The number of Saudi nationals working in the private sector increased from 1.7 million in 2019 to over 2.3 million in 2024, and the unemployment rate dropped to 7.6% during Q1 2024.

  • Over 25,000 beehives spread across Saudi royal reserve for honey production season

    The Imam Turki bin Abdullah Royal Nature Reserve Development Authority has said that 25,737 beehives spread across 256 sites in the reserve are participating in this year’s honey production season. The season, which opened at the beginning of July, will close at the end of April 2025, the Saudi Press Agency reported.

  • Ceasefire hopes recede, after assassination in Tehran

    Last Thursday, when Israeli Prime Minister Benjamin Netanyahu met President Biden at the White House, along with families of Israeli American hostages held by Hamas, several of the families, American officials and some observers thought there might be higher hopes for soon getting a hostage release/Gaza ceasefire deal over the finish line. That was in part because the Israeli Knesset was due to break on Sunday (July 28) for a few months, giving Netanyahu more political breathing room to strike a deal without immediate risk of his governing coalition collapsing, it was thought.

  • The regional impact of Ismail Haniyeh’s assassination

    The killing of Hamas political leader Ismail Haniyeh in Tehran and the killing of a Hezbollah senior commander in Beirut could be designed to allow Israeli Prime Minister Benjamin Netanyahu to declare some victories and move toward winding down the war in Gaza, or they may signal his intentions to escalate the conflict and possibly drag the US into a wider regional contest with Iran and Hezbollah.

  • The Uneven Distribution of UNESCO World Heritage Sites

    UNESCO has added 24 new sites to the World Heritage List, bringing the total number to 1,223 worldwide. As the following chart shows, there is an uneven distribution of where these sites are located, particularly in terms of the cultural heritage selection, with UNESCO having historically inscribed by far the largest number of this group to the Europe and North America category.

  • Saudi Arabia allows employment of expatriate dependents in health and education sectors

    The Ministry of Human Resources and Social Development has introduced a new initiative to enable the employment of expatriate dependents holding dependent visas in the health and education sectors, Okaz newspaper reported. The ministry outlined the steps to access this service. Users need to log into the Ajeer platform, select the Ajeer Dependents Service, fill out and submit the contract, and issue a dependents' permit.