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Reuters Poll: Non-Oil Business Activity Slows in Gulf as Governments Tighten Spending
A recently released Reuters poll of economists finds that non-oil business activity is slowing in the Gulf because of government austerity measures, causing some to revise their economic forecasts down for the region. In 2015, growth in the GCC “began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil,” […]
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Aramco Names Ibrahim Al Buainain as Chief Executive of Its Trading Arm
Saudi Aramco has named Ibrahim Al-Buainain as chief executive of its trading arm, the company said on Tuesday, as Al-Buainain’s star continues to rise within the ranks of the energy giant. Ibrahim Al-Buainain’s promotion to CEO of Saudi Aramco Trading takes effect this month. In November 2014, Aramco named Al Buainain as head of Saudi […]
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Flare Up on Saudi Border with Yemen as Saudi Shoots Down Missile
The Saudi-led military coalition said Sunday that it shot down a ballistic missile fired at the Kingdom from Yemen, according to reports. The missile targeting the southern city of Najran was intercepted at 9:30 a.m. Saturday, a statement carried on the official Saudi Press Agency says. On the same day, Saudi-led airstrikes hit hideouts of the […]
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New Saudi Fund Created by Apicorp and Bahri Seeks to Create Biggest Tanker Fleet
A venture between Arab Petroleum Investment Corporation (Apicorp) and National Shipping Co. of Saudi Arabia (Bahri) “will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports,” according to a report in Bloomberg, which cited comments from Dr. Khalid al-Falih. The venture will create a $1.5 billion fund […]
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‘Saudi Arabia is among our closest counterterrorism partners’ CIA Chief Brennan Says
Director of the CIA John Brennan said that Saudi Arabia is “among our closest counterterrorism partners” at an event at the Brookings Institution yesterday. Brennan pointed to the enemies that both the United States and Saudi Arabia share, including the Islamic State and al-Qaeda terrorists. “The Saudi government and leadership today has inherited a history whereby there […]
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Aging Population, Pension System May Pressure Saudi Fiscal Policy, S&P Says
Saudi Arabia’s population could put greater pressure on the Kingdom’s fiscal policy and increase government debt as it ages over the next three decades, ratings agency Standard & Poor’s has warned. Saudi Arabia’s population is disproportionately young now, with over 70% of all Saudis under 30 years old. But even the smaller percentage of the population […]
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Millions Worldwide Celebrate Eid Al-Fitr, End of the holy month of Ramadan
Millions of Muslims worldwide celebrated the festival at the end of the holy month of Ramadan on Wednesday as the three-day Eid al-Fitr festival began. Eid al-Fitr festival traditionally means family gatherings and the exchange of gifts and a feast after a month of fasting from dawn until dusk. Despite two deadly terrorist attacks in […]
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‘Very Good News’ for Saudi Real Estate as Kingdom Gets Boost in Transparency Ranking, Citing Chambers of Commerce
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia’s standing to “Semi-Transparent” after recent efforts by the Chambers of Commerce in Saudi Arabia. “The formation of real estate committees in the Chambers of Commerce has highlighted the issue of low transparency in the market and encouraged more action […]
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First Ever Direct Crude to Chemicals Plant “One Step Closer” for Aramco, SABIC
State-owned Saudi oil giant Aramco and diversified chemicals company SABIC are “one step closer” to being the first ever to use crude oil directly, rather than using refined products such as naphtha or ethane gas as feedstock, to create chemicals, according to reports and announcements by the companies on Saudi Arabia’s stock exchange. The achievement […]
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Mohammed Bin Salman Departs U.S. for France, Sends Cable Thanking U.S. and Obama for Hospitality
Saudi Deputy Crown Prince Mohammed bin Salman sent a cable of thanks to US President Barack Obama on Sunday as he concluded his visit to the United States. “I am pleased as I am leaving your friendly country after the end of my official visit to extend to Your Excellency my deep thanks for the […]
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Saudi Red Sea Authority issues first yacht regulations
The Saudi Red Sea Authority (SRSA) has introduced Saudi Arabia’s first regulation specifically governing yacht activities within its territorial waters. This new regulation provides a comprehensive framework for managing yacht operations, detailing the necessary requirements and conditions, and overseeing the issuance of tourism and leisure licences. It also emphasizes environmental protection, sustainability, and compliance with safety standards, reflecting SRSA’s commitment to promoting a sustainable coastal tourism sector.
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US believes Iran has transferred short-range ballistic missiles to Russia, AP sources say
The United States has informed allies that it believes Iran has transferred short-range ballistic missiles to Russia for its war in Ukraine, according to two people familiar with the matter. They did not offer any details about how many weapons have been delivered or when the transfers may have occurred, but they confirmed the U.S. intelligence finding. They spoke on condition of anonymity to discuss a matter that has not been publicly disclosed.
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Dutch high-tech consultancy TMC launches in Saudi Arabia
Netherlands headquartered high-tech consultancy TMC has launched a new office in Saudi Arabia, its second in the GCC region. Headquartered in the city of Eindhoven, TMC is an engineering and technology consulting company dedicated to the high-tech segment. The firm’s 2,700 staff worldwide (mainly in Europe) serve diverse industries such as technology, semiconductors, IT services, energy and renewables, and life sciences. After entering the Middle East last year through an office in Dubai, TMC has now expanded into Saudi Arabia too with a similar ambition – becoming the country’s go-to consultant for high-tech work.
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Iraq’s new family law amendment could potentially legalize child marriage—and fracture the country
The impact of child marriage is catastrophic, and it has been a major concern in Iraq over the past twenty years, exacerbated by the shortcomings of existing laws, under which girls and boys can marry at as young as fifteen years old with parental consent. Alarmingly, the Iraqi parliament recently proposed an amendment to its Personal Status Law (PSL) that could potentially legalize child marriage for girls as young as nine, thereby further restricting women’s rights.
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Will Jordan’s new electoral law bring real change?
But this time around, to strengthen the country’s political parties and engage voters more effectively, the government has reserved forty-one out of the 138 seats for candidates running on party lists. Yet, the resulting changes are likely only cosmetic since Jordanian parties are not winning voters’ confidence for various reasons, including on the pivotal issue of unemployment.
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GCC Ministers Meet in Saudi Arabia, Hold Talks With Russia, BRICS Nations
Foreign ministers from Gulf Cooperation Council (GCC) member states met in Saudi Arabia on Monday for the council’s 161st ministerial summit and held separate talks with their counterparts from BRICS nations Russia, Brazil, and India. Based in Riyadh, the GCC is a regional political and economic union made up of Gulf monarchies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Russian Foreign Minister Sergey Lavrov attended the summit for the seventh GCC-Russia Joint Ministerial Meeting of Strategic Dialogue.
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Lower Oil Prices Challenge Saudi Fiscal Policy
Oil prices have slumped in recent weeks. Brent fell from close to $88 per barrel in early July to $71/bbl in early September. Growing worries about the impact of slower economic growth in China and the United States on the demand for oil have offset the production outage in Libya and periodic concerns about potential supply disruptions from a broadening conflict in the Middle East.
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Saudi Arabia’s PIF to boost annual spending to $70 billion by 2025
In its latest report on Saudi Arabia, the International Monetary Fund (IMF) highlighted that the PIF’s investments are set to reach $70 billion by 2025, according to Amin Mati, the IMF’s Mission Chief for Saudi Arabia.
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Dozens killed, wounded in Israeli strikes on Gaza tent camp
Israeli strikes tore a huge crater, set tents ablaze and buried Palestinian families alive under sand in a supposedly safe zone of southern Gaza before dawn on Tuesday, killing or wounding scores of people, according to Palestinian officials. Israel said it had struck a command centre for Hamas fighters whom it said had infiltrated the designated "humanitarian" area in al-Mawasi, a vast camp on sandy soil where the military has told hundreds of thousands of Palestinians to shelter since ordering them out of their homes.
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Dubai singles splurge on premium dating apps but starve for real romance
Dubai singles are more willing to pay premium prices for dating app subscriptions than ever before in the hopes of boosting their prospects of finding meaningful relationships, residents told Arabian Business. However, this financial investment comes with a paradox. Despite their willingness to pay for premium dating app subscriptions, these same singles have overwhelmingly expressed a preference for meeting potential partners organically in person to build more authentic connectio
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