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  • ‘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 […]

     
  • Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
     

    A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]

     
  • Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
     

    Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]

     
  • New Desalination Technology at KACST in Saudi Arabia ‘Opens Doors to Higher Worldwide Clean Water Sources’
     

    The first worldwide adsorption water desalination and cooling plant has been successfully implemented by King Abdulaziz City of Science and Technology (KACST) in August 2016, the university said in a press release, as the Kingdom continues to be a global leader in desalination technology. Adsorption Desalination and Cooling (ADC) is a newly invented technology, co-owned […]

     
  • President Obama to Veto JASTA Bill
     

    White House Press Secretary Josh Earnest said on Monday that U.S. President Barack Obama will veto the controversial Justice Against Sponsors of Terrorism Act (JASTA) passed by congress last week, setting up a showdown with Congress. Earnest reiterated the White House’s fear that the measure would expose U.S. citizens to legal action overseas if foreign countries pass […]

     

MUST-READS

  • Jobs in Saudi Arabia: NEOM announces major recruitment drive

    NEOM Green Hydrogen Company (NGHC), the company building the world’s largest green hydrogen plant at Oxagon, in Saudi Arabia’s northwestern region of NEOM, has announced a significant recruitment drive for its construction and operations phases.

  • Cristiano Ronaldo breaks YouTube records, shares videos of life in Saudi Arabia

    Cristiano Ronaldo has broken YouTube records with the launch of his own official channel on the platform. The channel launched on Wednesday, August 21 and broke records for the most subscribers gained in an hour and reached a million subscribers in just 90 minutes. At the time of writing the channel has 7m subscribers after just a few hours and it is set to continue rapid growth rate.

  • Biden presses Netanyahu on need to reach Gaza truce deal

    U.S. President Joe Biden on Wednesday pressed Israeli Prime Minister Benjamin Netanyahu on the urgency of sealing a deal for a truce in Gaza and the release of hostages, the White House said, but Israel and Hamas stuck firmly to their demands. The call between the leaders, in which Vice President Kamala Harris also took part, came after Palestinian health officials reported at least 50 Palestinians killed by Israeli airstrikes over a 24-hour period.

  • Lucid has ‘without a doubt’ surpassed Tesla as the EV industry’s tech leader, CEO says

    Rawlinson recently took to LinkedIn to demonstrate its developing technology, highlighting that the Lucid Air Pure is the most efficient production car in the world. The CEO also compared development of the Air’s technology to that of rivals like Tesla’s Model S — which Rawlinson worked on as chief engineer in the early 2010s — and the Porsche (POAHY) Taycan.

  • Riyadh Metro to launch this year, minister says

    Saudi Minister of Transport and Logistics Services, Saleh Al-Jasser, confirmed that the Riyadh Metro will commence operations this year, aligning with the earlier announcement by the Royal Commission for Riyadh City (RCRC). He emphasized that Riyadh Metro, in terms of scale, stands as the largest metro project globally to be constructed in a single phase. Al-Jasser made these remarks during an interview with Al-Arabiya Business, on the sidelines of the inauguration of the largest integrated logistics zone for Maersk in the Middle East at Jeddah Islamic Port on Wednesday.

  • Summit set to make Saudi Arabia leading global AI model as envisioned by Crown Prince

    The 3rd Global AI Summit would showcase the advancements in artificial intelligence technologies with the participation of more than 300 speakers and specialists representing 100 countries from all over the world. Crown Prince and Prime Minister Mohammed bin Salman, who is also chairman of the Board of Directors of the Saudi Data and Artificial Intelligence Authority (SDAIA), will patronize the summit at the King Abdulaziz International Conference Center in Riyadh from September 10 to 12.

  • Who are the Saudi Pro League’s biggest transfers of summer 2024?

    A blockbuster summer transfer window in 2023, which saw global superstars like Neymar, Karim Benzema and Riyad Mahrez join Cristiano Ronaldo in the Kingdom, contributed to an explosion of interest in the Saudi Pro League – putting it on the world football map like never before. Fast forward 12 months and the fanfare has subsided somewhat as clubs scaled back their signings this summer, with many opting instead to consolidate their existing personnel. Still, there have been plenty of notable forays into the transfer market, with Al Qadsiah and Al Ittihad particularly active – the former spending more than $50 million on reinforcements.

  • Saudi Arabia’s series of law changes eases entry for investment and companies

    Two important laws that came out in the past week include an update to the new investment law which puts Saudi and non-Saudi investors on an equal footing and the amendments to the labour law that are expected to benefit employees and employers and enhance their relationship. As part of the law, there will no longer be a system of getting a foreign investment licence, instead, there will be an investment register that's operated by the Ministry of Investment.

  • Saudi World Cup bid bucks global trend for sporting events

    While other events at the games were held at existing venues, the swimming was the best example of how the Olympics has shifted from being an expensive construction endeavour to a more sustainable event that relies on a city’s existing infrastructure. Football’s Fifa World Cup is edging the same way with its requirement for countries bidding to host the event to use four existing stadiums.

  • Saudi Arabia crude oil exports drop in June

    The Organization of the Petroleum Exporting Countries (OPEC) is set to begin unwinding a level of production cuts of 2.2 million barrels per day from October. Earlier this month OPEC lowered its demand growth outlook for the first time in a year, citing softer expectations for China. Meanwhile, China and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in July.