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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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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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MUST-READS
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Lucid is “Outselling All Competitors” in Saudi Arabia, VP Says
Since the beginning of the year, Lucid has delivered well over 1,000 vehicles there, received $2.5 billion in support from the country’s fund, and opened new showrooms and service centers to support the growth in the Middle East region. If for the first quarter of the year, Lucid CEO Peter Rawlinson said vehicle deliveries in Saudi Arabia surpassed 500 units, the figures for the second quarter were not disclosed in the recent earnings call held on August 5th.
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Interior Ministry records nearly 20,000 violations in nationwide residency and labor law inspection campaign
The Ministry of Interior conducted inspection campaigns across Saudi Arabia from August 8 to August 14, focusing on compliance with residency, labor, and border security laws. The inspections resulted in the recording of 19,989 violations, including 12,608 related to residency, 4,519 to border security, and 2,862 to labor laws. During the campaign, authorities apprehended 913 individuals attempting to cross the border into the Kingdom illegally, with 32% of them identified as Yemenis, 65% as Ethiopians, and 3% from other nationalities.
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Saudi Arabia Is Building A $23 Billion Park To Rival NYC’s Central Park – Video
In a bold move to redefine urban spaces, Saudi Arabia is embarking on an ambitious project to construct a $23 billion park designed to rival the iconic Central Park in New York City. This monumental endeavor, part of the Kingdom’s Vision 2030 plan, aims to transform the capital, Riyadh, into a global hub of culture, leisure, and innovation. The park, spanning over 13 square kilometers, will feature lush greenery, cutting-edge recreational facilities, and a host of cultural attractions, offering a blend of tradition and modernity. As the largest urban park in the world, this project is set to not only enhance the quality of life for residents but also attract millions of visitors worldwide.
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Saudi Super Cup 2024 final: Al Hilal crush Al Nassr
Al Hilal clinched the Saudi Super Cup trophy by coming from a goal down to crush Al Nassr 4-1 on Saturday, with all four of their goals coming in a dominant second half. Cristiano Ronaldo scored Al Nassr’s only goal a minute before the end of the first half, in which there were few chances, when he capitalized on a wonderful pass from Abd El Rahaman Ghareeb.
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Saudi Arabia’s surge in female workforce participation drives economic impact
It comes as the Gulf Cooperation Council experiences unprecedented momentum in women’s participation in the workforce. According to the latest figures from the World Bank, the female labor force participation rate in Saudi Arabia stands at 34.5 percent, compared to 79.9 percent for males. Anne-Laure Malauzat, a partner at Bain & Co. in the Middle East, told Arab News that the statistic has surpassed the original target of 30 percent, prompting the Kingdom to set a new goal of 40 percent by 2030.
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No mpox cases detected in Saudi Arabia: Health authority
No cases of mpox Clade 1b have been detected in Saudi Arabia despite the global outbreak, the Saudi Public Health Authority confirmed on Saturday. The authority stressed that the Kingdom was prepared to face all types of health threats by implementing the necessary measures to monitor and curb the spread of the virus, ensuring the safety and well-being of both citizens and residents.
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Saudi Arabia’s New Red Sea Campaign Launches: Jeddah Welcomes First Visitors to Luxurious, Eco-Friendly Destination
The Red Sea, one of Saudi Arabia’s most anticipated new developments, has launched an innovative campaign aimed at inviting the first wave of visitors to experience its offerings. This campaign, titled “Be The First,” was launched by Visit Red Sea, the tourism arm of the destination, in collaboration with Beautiful Destinations, a content studio and agency known for its creative endeavors. The campaign seeks to position the Red Sea as a must-visit location, enticing travelers with the opportunity to be among the first to explore this newly accessible region.
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Saudi Arabia, Morocco sign MoU to enhance health cooperation
A statement by Morocco’s health ministry said that the accord called for cooperation on improving health care quality and patient safety, and in combating pandemics and epidemics, including early detection and control measures, as well as in scientific research in health and medicine. It also facilitates information exchange in telemedicine.
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Over 44,000 Saudi families moved to first home in H1 2024: Sakani
The Sakani program revealed that 55,000 Saudi families benefited from the program during the first half of 2024, marking an increase of nearly 8% compared to the same period last year, which saw 51,000 families benefiting.
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Will Riyadh Metro ease the city’s traffic jams? What you need to know
Reports indicate that parts of the 176 km system could launch this year or early 2025. However, authorities have not announced anything official yet. The project was first launched in 2014, with an initial plan to complete it by 2019. But for various reasons, including Covid-19, the construction of Riyadh Metro has taken longer than expected.
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