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  • Video Remarks: President Obama Hosts Iftar Dinner at the White House
     

    President Obama hosted an Iftar dinner Monday night to mark Ramadan, and invited guests to break their fast at the White House. The Iftar is the evening meal after sunset that concludes the daily fasting during the month of Ramadan. The dinner was President Obama’s 7th Iftar celebration at the White House, and the President used […]

     
  • Saudia’s ‘Largest aircraft leasing deal in history’ to include 50 Airbus planes
     

    According to a press release, Saudia is set to lease 50 Airbus planes as the national carrier of Saudi Arabia expands its fleet, including 30 Airbus aircraft of A320-200 model and 20 aircraft of A330-300 model. In a statement last week, Airbus confirmed that Saudia will become the first airline in the world to operate the new Airbus […]

     
  • Saudi Non-Oil Exports Drop, Imports Grow in 1Q 2015
     

    Latest figures released by Saudi Arabia’s Central Department of Statistics show Saudi nonoil exports dropped by 14.5 percent, to $12.5 billion in the first quarter of 2015 compared to 1Q 2014. Meanwhile, Saudi imports are up by 6.88% in the first quarter of this year, to $43 billion.  Plastic and rubber products topped the Kingdom’s list […]

     
  • Large Jump in May Oil Shipments to China Moves Russia Past Saudi Arabia
     

    Russia has leaped ahead of Saudi Arabia as the top oil supplier to China, according to Bloomberg, as the race to supply the world’s second-largest oil consumer heats up.  Bloomberg: “China imported a record 3.92 million metric tons from its northern neighbor in May, according to data emailed by the Beijing-based General Administration of Customs on Tuesday. […]

     
  • A Saudi-Russia Thaw?
     

    Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman visited Russia today amid growing evidence of a thaw in Saudi-Russian relations. With the headline of “Saudi Arabia and Russia to cement ties,” the English language daily Arab News reports that Deputy Crown Prince Mohammed bin Salman “will seek to cement economic, cultural, political and trade relations […]

     
  • U.S. Chamber of Commerce, Saudi Committee for International Trade and SUSTG Host Shura Delegation in Washington
     

    Members of Saudi Arabia’s Shura Council visited Washington, D.C. last week for meetings.  The delegates represented the Saudi-U.S. Parliamentary Friendship Committee of the Majlis Al-Shura which makes regular visits to the United States in support of the U.S.-Saudi relationship. The Shura delegates and invited guests were hosted at the U.S. Chamber of Commerce for a […]

     
  • Video: CEO of Saudi Stock Exchange Adel Saleh Al-Ghamdi Speaks with CNBC as Saudi Bourse Opens
     

    Saudi Arabia’s $585 billion stock market – the largest in the region – opened to wider foreign investment today in Riyadh.  The CEO of Saudi Arabia’s Stock Exchange, Adel Saleh Al-Ghamdi gave an interview to CNBC on the opening of the market and the implications for the Kingdom of Saudi Arabia’s economy.  “The reason is not really […]

     
  • U.S. Chamber of Commerce, Saudi Committee for International Trade to Host Private Roundtable Luncheon with Visiting Shura Council Members in Washington
     

    This week, members of Saudi Arabia’s Shura Council will attend a private roundtable luncheon at the Washington Headquarters of the U.S. Chamber of Commerce as part of the delegation’s outreach to the U.S. business community. Organized by the U.S. Chamber of Commerce, the Committee for International Trade (CIT) of the Council of Saudi Chambers, and […]

     
  • IHS Jane’s: Saudi Spending on Military to Increase by 27% over 5 Years
     

    Defense consultancy IHS Jane’s says Saudi defense spending will be $48.7bn in 2015, a 2 per cent contraction over last year but will reach $62bn by 2020. Craig Caffrey, IHS principal defence budget analyst, said “We certainly expect a significant slowdown in the short term but longer term prospects remain strong,” The Financial Times (paywall)  reports. “ “The Kingdom has […]

     
  • The Open Air Art of Jeddah, Saudi Arabia
     

    The British newspaper The Guardian profiles a new book that examines the open-air artworks created by world-famous artists in the 1970s in Jeddah, Saudi Arabia, and the city’s recent push to restore and feature them. “From Joan Miró to Jean Arp and Henry Moore, the Saudi city was a magnet for big names in art […]

     

MUST-READS

  • Saudi Arabia reopens its embassy in Damascus after a hiatus of 12 years

    It is noteworthy that in May this year Saudi Arabia had appointed Faisal bin Saud Al-Mujfel as its ambassador to Syria, months after announcing the resumption of diplomatic relations between the two countries, becoming the first Saudi ambassador since the embassy was closed in 2012. Syria appointed earlier Dr. Muhammad Soussan as new ambassador to Saudi Arabia. Dr. Soussan assumed charge in Riyadh in January this year. In May 2023, Saudi Arabia restored diplomatic ties with Syria after a hiatus of 12 years.

  • Saudi Arabia to scale back debt issuance in H2: Fitch Ratings

    Saudi Arabia plans to reduce its debt issuance in the second half of 2024, thanks to substantial dividend payments from Aramco that have alleviated the need for sovereign financing, according to Fitch Ratings. This decision comes after a period of significant debt issuance in the first half of the year, reflecting the government’s strategic fiscal management.

  • Saudi Falcons Aerobatic Team Performs at Egypt Air Show

    The Saudi Falcons Aerobatic Team, representing the Royal Saudi Air Force, showcased impressive aerial displays today during the Egypt Aviation and Space Exhibition 2024, currently taking place in northwestern Egypt.

  • U.S.-Saudi Defense Cooperation: Next Steps

    Even if an Israeli-Saudi normalization deal proves unattainable for now, Washington and Riyadh should still seek ways to enhance military and defense cooperation in order to advance common interests and prepare for future security challenges.

  • Saudi Arabia announces new fee rules on customs services

    On 6 September 2024, the Board of Directors of the Zakat, Tax and Customs Authority (ZATCA) issued Resolution No. (03-03-24) dated 18/10/1445 AH (Resolution) regarding the new fee structure for customs services. On the same day, the ZATCA announced the issuance of the Resolution on its website. The new fee structure includes waiving export customs service fees and introducing a new mechanism for calculating import customs service fees with minimum and maximum fee caps, in addition to a special provision for e-commerce.

  • Zamil Industrial’s H1-24 accumulated losses hit 16.5% of capital; revenues cross $693mln

    Zamil Industrial Investment Company logged net profits amounting to SAR 11.52 million in the first half (H1) of 2024, against net losses of SAR 197.90 million in H1-23. The group registered revenues valued at SAR 2.63 billion in H1-24, higher by 21.49% year-on-year (YoY) than SAR 2.16 billion, according to the financial results. Earnings per share (EPS) hit SAR 0.19 in the first six months (6M) of 2024, versus a loss per share of SAR 3.30 in H1-23.

  • The Economic Impact of Generative AI Use: The Future of Work in the Kingdom of Saudi Arabia

    This study estimates that using generative AI to transform the way work is currently done in the Saudi private sector economy, excluding government agencies, can potentially unlock USD133.6 billion of productive capacity, equivalent to the size of its manufacturing industry. This estimate does not specify a timeframe for achieving this uplift but illustrates the potential gains for the economy should full adoption be achieved.

  • Saudi Arabia claims qualifying win over China at Asia World Cup

    Australia endured another disappointing evening in Asia’s World Cup qualifying on Tuesday as Graham Arnold’s side were held to a 0-0 draw by hosts Indonesia while Saudi Arabia claimed a late 2-1 win over China. Hassan Kadish’s 90th minute header earned victory for the 10-man Saudis, who moved onto four points from their opening two games in Group C of the third phase of qualifying

  • Saudi Arabia among top global investment destinations, says Al-Falih

    He explained that convincing international investors to invest their money in Saudi Arabia was not difficult, as investors were looking for a destination that offers several key factors, such as political and economic stability, predictability, a long-term vision, abundant opportunities, a strategic location and presence of local investors. Almost 87% of the 1,000 Vision 2030 initiatives have been implemented or are nearing completion. Saudi Arabia included more goals after completing the initial ones.

  • Microsoft and partners to generate $24 billion in Saudi Arabia over next four years, says IDC study

    Microsoft, along with its partners and cloud-utilizing customers, is projected to generate approximately $24 billion in additional revenue above the 2022 figures over the next four years, according to a recent study from IDC. The same research indicates that by 2026, Microsoft’s partner ecosystem will earn roughly $8 for every $1 of revenue generated by Microsoft’s cloud services. This presents significant opportunities for partners in the Kingdom to enhance their revenues, increase local content contributions, and expand their customer bases.