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Saudi Arabia Adjusts Fiscal Outlook for 2022, Jadwa Investment Sees ‘Conservative’ Approach by Saudi Ministry of Finance
Saudi authorities released a preliminary budget statement for the 2022 fiscal year on 30th September 2021, and some fiscal and economic indicators were revised for the medium term. According to a report and analysis by Jadwa Investment, the main adjustment to Saudi Arabia’s fiscal outlook “relates to government revenue, with the upward revision to revenue from 2022 […]
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Residential Mortgages Soar in Saudi Arabia; Commercial Rents in Riyadh See Post-Pandemic Recovery
Roughly five years after the launch of the Kingdom’s National Transformation Plan (NTP), a key part of the Saudi Arabia’s Vision 2030 social and economic masterplan, Saudi is seeing major initial progress in the real estate sector, with new residential mortgages soaring 1000% since 2016, according to a report from industry powerhouse KnightFrank.
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‘Massive’ Coral Colony Discovered on Saudi Arabia’s Al-Waqadi Island is First in Region
A team of marine scientists and environment experts working for the Red Sea Development Company found a massive and unique coral reef south of Al-Waqadi Island off of Saudi Arabia’s coastline, Arab News and the Saudi Press Agency report.
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Report: Potential Showdown Looms as PGA Tour Says it Wont Allow Players to Compete in Saudi International
The PGA Tour will refuse to allow some of its biggest stars to play in the Saudi International golf tournament next year in response to the Saudi Public Investment Fund’s backing of a new challenging tour to rival the PGA, according to a report in Golf Week.
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Saudi Arabia’s Rock Art Complex Hima Gets Sought-After UNESCO World Heritage list Designation
Hima, one of the largest rock art complexes in the world located in Saudi Arabia, has landed on UNESCO’s World Heritage list, the sixth such location in the Kingdom to receive the sought-after designation, according to reports. Entered into UNESCO’s listings as the Ḥimā Cultural Area, the incredible rock art is located in an arid, mountainous area of […]
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Biden Administration, Saudi Arabia ‘Working Closely on Multiple Fronts’, Top Embassy Spokesman Fahad Nazer Says
Saudi Arabia and the Biden Administration are working closely on multiple fronts as strategic allies to resolve regional conflicts, the Royal Embassy of Saudi Arabia in Washington’s top spokesperson, Fahad Nazer, said in an interview with Frank Kane of Arab News.
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Saudi Screening of Hajj Applicants Enters Second Stage as 560k Apply for Only 60k Spots
The second stage of the selection process for 60,000 places available at the Hajj pilgrimage in 2021 began on Friday, The National reports, with applications being sorted according to health status.
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U.S. State Department Blasts Yemen’s Houthis, Says Iran-Backed Group Bears ‘Major Responsibility’ in Conflict
The Biden administration’s State Department on Friday blamed Iran-aligned Houthis for the failure of a ceasefire to take hold in Yemen and accused them of failing to take additional meaningful steps to end the conflict, Reuters and other news agencies report. “While there are numerous problematic actors inside of Yemen, the Houthis bear major responsibility for refusing to engage […]
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Saudi Arabia, Arab League Blast Israel’s ‘Excessive Force’ in Gaza
Saudi Arabia’s foreign minister on Tuesday condemned Israel’s attempts to evict Palestinians from their homes, as the Kingdom and the Arab League “angrily denounce” what they call the use of excessive force in Gaza.
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Saudi Economy: TASI Rises in April, and Consumer Spending Bounces Back
Recent data on Saudi Arabia’s economy showed a mixed picture for the Kingdom, with non-oil PMI trending lower in March, month-on-month, while remaining in expansionary mode, according to Jadwa Investment and official government figures.
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Expat remittances from Saudi rise 12% to $3.4bn
Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.
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Critical Metals, Obeikan partner to build lithium hydroxide processing plant in Saudi Arabia
The 50/50 JV will be geared towards developing, constructing and operating the plant for the conversion of lithium spodumene concentrate from Critical Metals’ Wolfsberg project in Austria, which, according to Critical Metals CEO Tony Sage, is set to become the EU’s only battery-grade lithium mine by 2027.
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Saudi law graduates to benefit from specialist skills program
Outstanding Saudi law graduates will be receive intensive practical training from a team of specialist advisers as part of a second Future Adviser Program announced on Tuesday by the Center of Legal Studies and Research. The 12-month program aims to qualify young legal talents, and develop their skills in legal and regulatory consultation, as well as legislative drafting. Applicants for the program must be Saudi nationals, recent graduates from the years 2023-2024, and hold a bachelor’s degree in law with an academic GPA of no less than 3.75/5 or 2.75/4 or its equivalent.
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As Boeing struggles, Airbus inks 4-aircraft deal with Saudi Arabia
Saudi Arabia signed a deal with Airbus for an additional four of its A330 Multi Role Tanker Transport (MRTT) on Wednesday in a sign that the French aerospace giant is gaining ground in the Gulf as its US rival, Boeing, struggles. The kingdom ordered four more of Airbus’ A330 Multi Role Tanker Transport aircraft for the Royal Saudi Air Force. The aircraft is used for air-to-air refueling, as well as transport purposes. The aircraft will enter into service in 2027, Airbus said in a statement. The official Saudi Press Agency reported that the order constitutes the kingdom’s third contract for the A330, but did not specify how many of the aircraft are currently in use in the country. Read more: https://www.al-monitor.com/originals/2024/07/boeing-struggles-airbus-inks-4-aircraft-deal-saudi-arabia#ixzz8ffxYbhgt
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Saudi Arabia’s Neo Space Group Appoints Martijn Blanken as New CEO
NSG is a wholly owned company of Saudi Arabia’s Public Investment Fund, the nation’s sovereign wealth fund. NSG will focus on pursuing strategic and commercially feasible space sector opportunities. It will also invest in the most promising new space technology startups and entrepreneurs both in Saudi Arabia and globally. NSG is fully aligned with Saudi Arabia’s Vision 2030 and plans to create a global commercial space communications leader.
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Syria’s national airline resumes Saudi flights after 12 years
Syria's national airline resumed regular services to Saudi Arabia after a 12-year suspension on Wednesday as the first flight arrived in Riyadh. The move, announced by Syrian Airlines and confirmed to AFP by Syria's ambassador to Saudi Arabia, continues a slow rapprochement between the two governments who restored diplomatic relations last year. Ambassador Ayman Soussan said a Syrian Airlines plane carrying 170 passengers touched down in the Saudi capital, marking the resumption of a regular route.
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Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand
Saudi Aramco pulled in more than $31 billion of orders for its $6 billion bond sale, its first dollar-debt offering in three years. Bids peaked above $11 billion for both the oil giant’s 10- and 30-year notes, according to a person with knowledge of the matter. Aramco also sold 40-year bonds in the deal that priced Wednesday.
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Saudi rig suspensions slow Middle East offshore growth prospects
Maritime Strategies International (MSI) has scaled back its projection for jackup drilling demand in the Middle East Gulf region, following Saudi Aramco’s decision to suspend contracts for over 20 jackups. The analyst now expects growth in the region of 1%, down from its previous estimate of 4%, mainly supported by activity in Qatar and the UAE to fulfill their respective oil and gas production targets.
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Bodies trapped in Gaza City under Israeli assault as mediators push for truce
Residents of Gaza City were trapped in houses and bodies lay uncollected in the streets under an intense new Israeli assault on Thursday, even as Washington pushed for a peace deal at talks in Egypt and Qatar. Hamas militants say a heavy Israeli assault on Gaza City this week could wreck efforts to finally end the war just as negotiations have entered the home stretch. Home to more than a quarter of Gaza's residents before the war, Gaza City was destroyed during the first weeks of fighting last year, but hundreds of thousands of Palestinians have returned to homes in the ruins. They have now once again been ordered out by the Israeli military.
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Coffee is getting more expensive thanks to climate change
The price of a standard contract — a 100-piece lot of 60-kilogram bags — topped $300 on Tuesday before settling slightly lower. The commodity is up nearly 28% for the year and 56% compared to a year ago. Like with cocoa, coffee harvests are shrinking because of climate change. The Wall Street Journal reported earlier this year that soaring global temperatures and fluctuating rainfall patterns are making it harder for traditional exporting nations like Vietnam, Indonesia, and Brazil to maintain harvest levels.
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