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Photo: World’s Largest Container Ship Docks in Jeddah, Saudi Arabia
The Saudi Press Agency reports that the CSC Globe, the world’s largest shipping vessel currently in operation has docked at the Red Sea port of Jeddah, Saudi Arabia. According to the BBC, the ship can carry 19,100 standard 20ft containers. “That’s estimated to be enough space for 156 million pairs of shoes, 300 million tablet computers or 900 […]
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PHOTO: Kerry Meets with King Salman in Saudi Arabia
U.S. Secretary of State John Kerry is in Riyadh today to meet with King Salman and other high-level Saudi officials. The Secretary’s “Full Schedule” of meetings is an opportunity for the Secretary to build rapport with new Saudi officials, a State Department spokesperson said. The Saudi Press Agency (SPA) published this photo from today’s meeting […]
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‘Subtle Change of Energy Policymaker Line-Up’ Gives King Salman Firm Hand on Energy Policy, Report Says
When Saudi Arabia’s King Salman announced a shake-up of leadership shortly after ascending to the throne in January, one of the Kingdom’s most powerful positions – Minister of Petroleum and Natural Resources – was left unchanged. Ali Al Naimi has been Minister for 20 years, and was CEO and President of Saudi Aramco for 12 years before […]
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Despite ‘Kafalah’ Lending Programs for SMEs, Saudi Banks Leave Startup Entrepreneurs Without Needed Funding
Saudi banks are making it difficult for startups get off the ground by decreasing loans to new entrepreneurs, according to a Bloomberg report, despite the fact that these loans are backed by a government SME Loan Guarantee Program. Deema Almashabi writes that entrepreneurs cannot count on receiving necessary startup capital because “banks are not lending to any startups […]
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Tadawul Up 11.2 Percent This Year, Funds Seen as Increasingly Bullish on Saudi Arabian Equities
After a rough second half of 2014, Saudi Arabia’s stock market, the Tadawul or TASI, has begun a bounce-back. The bourse is up 11.2 percent this year, and a recent Reuters survey of regional asset managers found bullishness in those polled about Saudi Arabia equities and the Tadawul. The current gains in Riyadh are the […]
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King’s Speech at Global Islamic Conference in Mecca to Counter Terrorism Urges Strategy
At the Global Islamic Conference that brought together scholars in Mecca, Prince Khaled Al-Faisal read a speech on behalf of King Salman in which the monarch urged the defeat of extremism and noted, “terrorists do not at all represent Islam.” “Many people have the misconception that terrorism is the main feature of Islam and Muslims,” […]
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Military Officials from 26 Nations Battling Daesh Begin 2-Day Summit in Saudi Arabia
Military officials from 26 nations descended on Saudi Arabia this week for a two-day meeting to discuss joint efforts to combat the self-styled Islamic State extremist group, or Daesh, in Iraq and Syria, according to the Saudi Press Agency. According to the Military Times, the head of the U.S. military’s Central Command, Gen. Lloyd Austin, […]
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Jadwa Investment: Healthy Growth in Consumer Spending; Strong Consumption Growth in 2015 Likely
A recently released note by Riyadh-based Jadwa Investment predicts strong growth in consumer spending on the back of recent spending announced in Royal Decrees. Jadwa: “December data showed healthy growth in both cash withdrawals from ATMs and point of sale transaction. Consumption growth in 2015 is likely to be strong following the recent Royal decrees. […]
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#FocusKSA Video: Theodore Karasik on Saudi Arabia’s Political Transition
Gulf-based expert and analyst Theodore Karasik discussed the political transition in Saudi Arabia following the death of King Abdullah and the transition to King Salman last week with SUSTG and SUSRIS in an exclusive #FocusKSA interview. Karasik noted that the transition “went very smoothly,” and added, “I think what caught all of us by surprise […]
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Saudi Arabia Evacuates Embassy in Yemen as Houthis Make Gains
Saudi Arabia has suspended operations at its embassy in Yemen and evacuated its staff as the security situation there deteriorates, various agencies are reporting. Sanaa, Yemen’s capital, is currently under control of a Shiite militant group, the Houthis, who have battled the Saudi government along its long border with the Kingdom for years. The AFP […]
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Saudi Aramco targets two US natural gas producers
Saudi Aramco, the world’s biggest oil exporter, has initiated talks with two liquefied natural gas (LNG) producers in the United States to bolster its overseas expansion strategy. The oil major is negotiating with Tellurian and NextDecade, Reuters reported, quoting informed sources. Aramco is considering buying a stake in Tellurian’s Driftwood LNG plant in Louisiana, which has a capacity of 27.6 million metric tonnes per annum, the report said
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Senior Biden administration officials returning to Middle East to push for Gaza ceasefire deal
Top Biden administration officials are traveling to the Middle East this week to engage in ongoing talks on a possible ceasefire and hostage release deal between Israel and Hamas, as well as the dire situation in the Gazan city of Rafah, US officials told CNN.
CIA Director Bill Burns, who has served as the administration’s primary interlocutor in ceasefire negotiations, is meeting Qatari leaders in Doha to receive an update on their conversations with Hamas leaders, according to national security adviser Jake Sullivan. Qatar is acting as an intermediary in talks between Israel and Hamas.
Sullivan also said that the US remains in hourly contact with the Qataris as they await a formal response from Hamas.
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Saudi Aramco’s $12 Billion Share Sale Quickly Sells Out, but Who is Buying?
Last week, Saudi Arabia’s energy giant Saudi Aramco (ARMCO) confirmed in a filing with the Saudi Exchange plans to sell shares in the state-owned oil company to help the kingdom fund plans to diversify the economy. Well, the sale took place on Sunday and was a resounding success with US$12 billion share sale sold out shortly after the deal opened. The deal offered ~1.545B Aramco shares, or ~0.64% of the company, within the price range of 26.70 riyals to 29 riyals. Buyers of the shares will be looking to cash in on an upcoming ~$124 billion annual payout that Bloomberg Intelligence estimates will give the shares a juicy dividend yield of 6.6%.
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Saudi Arabia establishes logistics zone in Djibouti to expand economic presence in Africa
Saudi Arabia has signed a deal to establish a logistics zone in the port of Djibouti, leveraging Africa’s gateway to propel the Kingdom’s products and exports, fostering economic interplay. During a delegation visit of Saudi investors to the capital city of the East African country, the contract was signed by Hassan Al-Huwaizi, president of the Federation of Saudi Chambers, and Aboubaker Omar Hadi, chairman of Djibouti Ports and Free Zones Authority.
Under the leadership of Al-Huwaizi, the delegation, including over 100 entrepreneurs and government representatives, came together to advance this transformative initiative. -
Saudi Arabia Inaugurates National Defense University
It will work as a research hub to support decisions and resolve problems and provide high level services to society according to the best standards, stressed Al-Ruwaili. The National Defense University aims to achieve academic and professional excellence, qualify professional national security cadres and carry out scientific research in national defense and security. It will also organize cultural and awareness events related to national security.
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Why the esports industry is embracing Saudi Arabian investment
“If you compare it to any other sports, all of them are heavily funded by governments across the world, from grassroots to pro sports, and people underestimate the involvement of government funding,” Reichert said. “And this is probably the first time that this has happened in esports on that scale, so it’s a good thing, actually — it’s not a bad thing whatsoever.”
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Saudi Arabia First-Quarter Deal Flow Slumps to Three-Year Low
Saudi Arabia closed the fewest number of first-quarter investment deals since 2021 in a further sign the kingdom is struggling to attract funding from private companies and foreign investors.
The country finalized 64 transactions in the first three months of 2024, according to data from the Ministry of Investment, down 40% on a year earlier. The count is slightly below that recorded in the fourth quarter.
The US and the UK were leading investors, followed by the UAE, Egypt and Singapore. The report didn’t say why the number fell.
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How star players will make Euro 2024 a hit with Saudi Fans
With the Saudi Pro League drawing to a close and capping off a season featuring more star names than many would have imagined a few years ago, many could be forgiven for thinking that that’s it for football for a while. But while the 2024 Euros won’t feature the Al-Suqour Al-Khodhur, research from Footballco shows that young fans are just as excited as their European counterparts. Footballco counts global football media brand GOAL, and Kooora, the number one sports platform in the Arab world, among its portfolio and works with brands to reach fans through football.
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Saudi Arabia’s Expanding Role In Advanced Technologies
When Saudi Crown Prince Mohammed bin Salman announced the creation of Alat in February 2024, he stressed the vital role this organization will play in Saudi Arabia's economic development. Saudi estimates predict this company will create 39,000 direct jobs and reach $9.3 billion in non–oil GDP contribution by 2030. Alat's AI infrastructure unit will combine artificial intelligence with other Industry 4.0 technologies, including robotics, big data, and automation.
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Celebrating World Environment Day in Saudi Arabia with two KAUST startups
King Abdullah University of Science and Technology (KAUST) is celebrating Saudi Arabia hosting World Environment Day 2024 by highlighting two of its innovative local startups that are developing solutions for greening Saudi Arabia.Saudi Arabia is hosting World Environment Day on June 5 with a focus on land restoration, desertification and drought resilience. One of the most effective ways to restore degraded land, halt desertification and build drought resilience is through ecosystem restoration.
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