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Hajj 2016 Begins: Millions Gather in Saudi Arabia
An estimated two million pilgrims have converged in Saudi Arabia for the start of the annual Hajj pilgrimage today, lasting until Wednesday, September 13th. The hajj is one of the five pillars of Islam, which capable Muslims must perform at least once, marking the spiritual peak of their lives. Worshippers from more than 150 countries will embark on […]
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U.S. House to Allow Vote on Controversial JASTA Bill This Week
The U.S. House of Representatives will vote this week on a bill allowing the families of 9/11 victims to sue Saudi Arabia in U.S. courts, a Republican leadership source told Politico Wednesday. The highly-politicized Justice Against Sponsors of Terrorism Act (JASTA) bill, which President Obama said would receive his veto should it make it to […]
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Report: $20 Billion in Projects may be Canceled; Ministerial Budgets Squeezed as Saudis Adapt to Low Oil Prices
A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices. The budget cuts to some ministries could be as much as 25%, the Bloomberg report said. Overall, the government is […]
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Jadwa: Economic Data for July Shows ‘Mixed Picture’ for Saudi Economy
Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed “a mixed picture in economic activity,” the Riyadh-based investment firm said, noting that data on point-of-sale transactions and ATM withdrawals showed a notable slowdown in July, while the non-oil PMI rose to a 2016 high. The Saudi unemployment rate rose slightly to 11.6 […]
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Deputy Crown Prince to Promote Saudi Vision 2030 in Japan, China and at G20
Saudi Deputy Crown Prince, Minister of Defense and head of the influential Council of Economic and Development Affairs, HRH Mohammed bin Salman, plans to visit China August 29-31 and Japan August 31-September 3. Prince Mohammed will then attend the Group of 20 Summit September 4-5 to be held in Hangzhou, China where he will be […]
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John Kerry to Visit Saudi Arabia
U.S. Secretary of State, John Kerry, will travel to Kenya, Nigeria and Saudi Arabia next week as part of a tour that is expected to focus on counter terrorism. Secretary Kerry is expected to be in Jeddah on Wednesday, August 24th. AFP reports that Secretary Kerry will meet with his counterparts from the six-nation Gulf […]
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Ematah (Removal) Campaign Addresses Saudi Litter
The ‘Crying Indian’ was one of the most iconic images on American television in the 1970s. Produced by the Keep America Beautiful organization it featured Iron Eyes Cody as a Native American distraught over the amount of pollution and litter there was in the United States. Litter was a significant issue in America at the […]
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As Entertainment Industry Develops, A ‘Great Opportunity’ for Cinema Business Awaits in Saudi Arabia
With Deputy Crown Prince Mohammed bin Salman’s recent visit to the United States that included meetings with several top entertainment industry executives in Silicon Valley, it is quite possible that entertainment options in Saudi Arabia could be dramatically greater in a decade. But what will that look like? The Vision 2030 document states that the Kingdom’s leaders “consider culture […]
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U.S. State Department Approves Potential $1.15b Sale of 130 Abrams Battle Tanks, 20 Armored Recovery Vehicles to Saudi Arabia
The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles and other equipment, worth about $1.15 billion, to Saudi Arabia, the Pentagon said on Tuesday. “The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia for […]
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Gallup Poll on Saudi Attitudes About Economy, Prosperity Sees Hope after Oil, Divide Between Saudis and Expats
A recently released Gallup poll, conducted shortly after the announcement of Vision 2030, found that nearly half of adults (48%) rate their lives well enough to be considered “thriving,” up significantly from 35% a year earlier. Such a large shift in thriving rates in a single year “is rare in any country,” Gallup said. However, there is a sharp […]
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MUST-READS
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Inside Lebanon’s Ponzi scheme economy and the $100bn outflow crisis
“A close look over the 2003-2019 period suggests that outflows from Lebanon exceeded inflows to Lebanon by $100 billion, exerting pressure on the net foreign assets of the financial system composed of banks and the Central Bank and depleting liquidity within the system,” Dr. Marwan Barakat, Group Chief Economist and Head of Research at Bank Audi, told Arabian Business.
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Why a Palestinian plan to revive Gaza and democracy faces doubt and distrust
Since businessman Mohammad Mustafa was tapped as prime minister in April to form a Cabinet of technocrats with backgrounds in the World Bank and the United Nations, his team has raced to carry out a two-year plan to overhaul the PA and govern Gaza. Its top priority is “relief and recovery” for the Gaza Strip – facilitating lifesaving aid and preparing teams to restore electricity, water, and sanitation “to make the life of people less painful,” Mr. Zaqqout says.
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Jacobs to Support New Airport Development in Saudi Arabia
Jacobs (NYSE:J) was selected by King Salman International Airport Development Company to provide concept masterplan validation, detailed masterplan design, runway design and other services for the King Salman International Airport in Riyadh, Saudi Arabia. The masterplan will cover an area of approximately 57 square kilometers and include six parallel runways, new terminals and real estate development in the surrounding area.
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Empowered but afraid: do Saudi women have the capability to freely decide their university majors?
Results revealed that new legislation and regulations in Saudi Arabia have positively influenced sociocultural transformation. However, in small cities and nonurban settings, women may struggle to reject traditional social norms despite their empowerment. The findings indicate that encouraging students’ voluntary work and their membership in groups and organisations, as well as ensuring diverse hiring practices are in place in rural areas and small cities, could support a more general acceptance of women’s empowerment.
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ACWA Power commissions 700-MW solar park in Saudi Arabia
The solar plant located in Ar Rass city, Qassim province, north of the capital Riyadh "is now online and has started power generation" after receiving the commercial operation certificate from the Saudi Power Procurement Company (SPPC), the developer said in a stock market filing.
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Explore investment in Saudi Arabia: the new investment law
The Investment Law is expected to come into force around 16 February 2025 (being 180 days after its publication in the Official Gazette) and will replace the Foreign Investment Law[2] (the “Foreign Investment Law”). Implementing Regulations that will set out further details relating to aspects of the Investment Law are expected to be published within 180 days after the publication of the Investment Law (the “Implementing Regulations”).
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Saudi Arabia’s PIF is focused on the home advantage
The value of Saudi Arabia’s sovereign wealth fund’s domestic assets under management have doubled year on year in further evidence of a strategy to focus investments in the kingdom. The AuM, referred to in the fund’s annual report as “Saudi sector development (SSD)” increased from 21 percent to 33 percent last year. The investments are focused on “establishing and promoting the growth of high-priority sectors in the Saudi economy”, the report stated.
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Saudi Arabia unveils new agricultural investment opportunities in Makkah region
The Ministry of Environment, Water, and Agriculture (MEWA) has announced four new investment opportunities to develop integrated agricultural cities and a specialized wild seedling facility in the Makkah region. This initiative aligns with MEWA’s broader strategy to enhance food security, promote sustainable agricultural practices, and drive sector growth.
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Saudi Dallah Healthcare to acquire stakes in healthcare firms for $176mln
Saudi Arabia's Dallah Healthcare, which had earlier this year signed MoUs to acquire stakes in two healthcare firms, has entered into a binding share purchase and subscription agreement with Ayyan Investment Co. to acquire its shares for approximately 660 million riyals ($176 million).
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Saudi Arabia’s $1 Trillion Investment Plan Focuses On Clean Energy And Diversification – Report
Saudi Arabia is set to embark on a $1 trillion investment drive across six strategic sectors by 2030, according to a report from Goldman Sachs Research. This ambitious plan, termed a “capex super-cycle,” will allocate approximately 73% of the investment to non-oil sectors, up from an earlier forecast of 66%.
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