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FM Al-Jubeir: Most Effective Way to Solve Regional Crises ‘Through our close partnership and alliance with the United States of America’
U.S. Secretary of State John Kerry on Thursday stood by ally Saudi Arabia in its widening rift with Iran over the execution of a Shiite cleric while urging the regional rivals to pursue a diplomatic solution, the Associated Press reports. Kerry said Washington stands by its friends, “but we also want to see diplomacy work. […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
As Saudi Arabia appears to actively consider a potential IPO for its state-owned oil company, Saudi Aramco, two conflicting reports emerged today about the potential scope of the offering. On Thursday of last week, Saudi Arabia’s deputy crown prince Mohammed bin Salman told the Economist in an interview that he was optimistic about the potential […]
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Saudi Stocks Hit 4-Year Low as Global Markets Shudder at China’s Second Halt in Trading This Week
Saudi Arabia’s stock market has continued a tumultuous start to the new year, with the Kingdom’s benchmark index falling another 4.8 percent on Thursday to a four-year low. According to the Financial Times, the drop this year has totaled 10.6 percent, and leaves it 44 per cent weaker than its post financial crisis peak in 2014. The TASI […]
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Video Released Shows Timelapse Construction on Riyadh’s Metro Project
A recently released video by the leading construction partners on Riyadh’s metro project highlighted the progress made on the mega-project that will change the way the city’s residents get around. In October, the Riyadh metro project hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling […]
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GE secures $1b contract to produce gas and steam turbines to power more than 500,000 homes in Saudi Arabia
GE has been awarded what the company called a “landmark contract” with Saudi Arabia valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). The plant, scheduled for completion in 4 years, will support the phosphate mining […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Syrian Rebels Summit As Riyadh Eyes Political Solution
Rebel factions in Syria’s bloody 4-year civil war meet in Saudi Arabia this week for a conference as Riyadh looks for a political solution to the crisis. Around 100 representatives of the Syrian opposition representing 70,000 “moderate rebels” in the fight held the first meeting of its kind in the Saudi capital. Western nations have observer status at […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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MUST-READS
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U.S. Saudi Academic Partnerships (Cooperative Agreement)
The Saudi Ministry of Education (MOE) has undertaken an ambitious effort to strengthen partnerships between U.S. and Saudi HEIs, including in STEM, the arts, space, energy, and health care, among other topics. This program will facilitate such linkages by establishing an international academic partnership program that would connect Saudi and U.S. HEIs, selected by the U.S. Embassy and the MOE with the guidance of the award recipient (the Recipient); provide tools to facilitate active bilateral educational exchange and research partnerships; and bring a delegation from the U.S. HEIs to Riyadh, Jeddah, and Dhahran for engagements with the MOE and Saudi HEIs
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Presidential Elections in Iran: Curb Your Enthusiasm
The Islamic Republic of Iran’s candidate-vetting Guardian Council has done it again: It has presented the Iranian public with presidential candidates who lack a political program, a social base, and the ability to mobilize voters. This strategy aims to repress voter participation in the election and thereby improve the odds of the election of Supreme Leader Ayatollah Ali Khamenei’s preferred candidate, Saeed Jalili. Jalili, like late former President Ebrahim Raisi, would be likely to follow Khamenei’s orders and could be scapegoated for the regime’s deficiencies. However, Parliamentary Speaker Mohammad-Bagher Qalibaf is expected to put up a fight, much to Khamenei’s displeasure. Meanwhile, the question of succession after Khamenei remains unresolved.
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Saudi ministry of commerce officials inspect 24,880 shops ahead of Hajj
Officials from Saudi Arabia’s Ministry of Commerce have inspected 24,880 shops in Makkah and Madinah to ensure they comply with the country’s business regulations. The shops were in the central areas of the two holy mosques, the Haramain train stations, commercial centers, gold and jewelry markets, and petrol stations. There were 1,259 violations recorded, the Saudi Press Agency reported on Sunday. Inspections will continue throughout the Hajj period, the ministry has indicated.
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UN Security Council backs plan for Israel-Hamas ceasefire
The United Nations Security Council on Monday backed a proposal outlined by President Joe Biden for a ceasefire between Israel and Hamas in the Gaza Strip and urged the Palestinian militants to accept the deal aimed at ending the eight-month-long war.Hamas welcomed the adoption of the U.S.-drafted resolution and said in a statement that it is ready to cooperate with mediators over implementing the principles of the plan.
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Saudi Arabia to enforce ban on working under direct sunlight
Authorities in Saudi Arabia will begin enforcing a ban on working under direct sunlight for all private sector establishments from 12 PM to 3 PM, starting Saturday, June 15, 2024, until September 15, 2024. The ban will be implemented by the Ministry of Human Resources and Social Development, in collaboration with the National Council for Occupational Safety and Health.
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Saudi mining reforms garner global recognition for investment-friendly environment
Saudi Arabia mining sector reforms have seen it recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years, a new report stated. MineHutte, an independent research and consultancy firm based in England, has stated that the Kingdom has also been ranked the second-best country globally for its licensing environment.
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Hamas says it accepts UN-backed Gaza truce plan, US cites ‘hopeful sign’
Hamas accepts a U.N. resolution backing a plan to end the war with Israel in Gaza and is ready to negotiate details, a senior official of the Palestinian militant group said on Tuesday in what the U.S. Secretary of State called "a hopeful sign".Conversations on plans for Gaza after the Israel-Hamas war ends will continue on Tuesday afternoon and in the next couple of days, Secretary of State Antony Blinken said in Tel Aviv after talks with Israeli leaders. "It's imperative that we have these plans."
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Air Force’s Mideast drone unit eyes a ‘stateside element’
Launched in October 2022 as an experimental unit, the task force has already used some of its new drones in Middle East operations, and is testing out new ways of quickly manufacturing cheap drones with artificial intelligence. “We absolutely started to move into operationalizing this task force and we've really been pushing the limits here lately with autonomous operations, and quite frankly, we're on the cutting edge of artificial intelligence integration for small UAS [uncrewed aerial] platforms,” said Digsby, who took command of the task force just over a month ago.
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Turkey-Kuwait Ties Grow Amid Regional Balancing
On his first visit outside the Arab world since taking office in December 2023, Kuwaiti Emir Meshal al-Ahmed al-Jaber al-Sabah was accompanied by a delegation of high-ranking officials to Ankara, where Turkish President Recep Tayyip Erdogan awarded him the Order of State medal. The May 7 visit, which coincided with the 60th anniversary of Turkish-Kuwaiti diplomatic relations and was the first by a Kuwaiti emir in seven years, underscored the two countries’ low-profile yet growing relations.
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Saudi crude oil exports to China to fall for 3rd straight month in July, sources say
Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels amid plant maintenance and as some refiners opted for other sources of cheaper oil, several trade sources said on Tuesday.The reduction underscores the challenge the world's top oil exporter faces in maintaining market share in the world's largest crude import market.July exports are expected to be down from about 39 million barrels in June, possibly the lowest levels for the year, the sources said.
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