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  • Saudi Arabia and 7 other OPEC+ countries extend additional voluntary cuts of 2.2 million bpd until end of December

    The OPEC Secretariat said in a statement that the eight OPEC+ countries, such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have agreed to extend the voluntary adjustments announced in November 2023 of 2.2 million bpd for one month. All these countries previously announced additional voluntary production adjustments in April and November 2023.

  • Saudi Arabia’s Q3 budget deficit decreases to $8bn

    Saudi Arabia reported a budget deficit of SR30.23 billion ($8.06 billion) for the third quarter of 2024, a decrease of 15 percent compared to the same period last year, according to the Ministry of Finance. This brings the total deficit for the nine months ending in September to SR57.96 billion, remaining in line with the ministry's previous forecasts. Government revenues increased by 20 percent compared to the same quarter last year, reaching SR309.21 billion. Expenditures also rose, up 15 percent to SR339.44 billion, resulting in a budget deficit of SR30.23 billion.

  • Saudi Arabia posts a Q3 revenue of $82.4 billion

    Oil revenues stood at 191 billion riyals while non-oil revenues at 118 billion riyals. The Kingdom’s total spending came to 339 billion riyals in the quarter while Saudi Arabia logged a budget deficit of 30 billion riyals, the finance ministry statement showed.

  • ‘All eyes on Middle East at pivotal time after Hull’s Saudi win’

    The 28-year-old Englishwoman’s rediscovery of her winning touch after a frustrating spell of near misses, suggests a brighter future for one of the game’s most natural talents. "It’s been a long wait and I feel good," said Hull, who was runner-up six times, including twice in majors, since her last tour victory in 2022. "I’ve been knocking on the door the last couple of years, and this week it all came together." Events elsewhere, but neighbouring Hull’s triumph in the Aramco Ladies Team Series event at the Riyadh Golf Club last Saturday, suggest a potentially more settled future for the men’s game as well.

  • Norway woos Saudi salmon buyers

    Between 2019 and 2023, the total export of Norwegian seafood to the Saudis increased by more than 53% – from 6,174 tonnes to 9,478 tonnes. Most of this was salmon , which has a 99% market share, but Norway also exports other seafood species such as mackerel and cod. Last year, the value of Norway’s total exports to Saudi Arabia was around NOK 814 million (£57m). Of this, salmon accounted for around NOK 755 million (£53m).

  • Growing cost of Saudi Arabia’s healthcare system calls for financial sustainability

    In its market study, titled ‘Understanding healthcare financing in Saudi Arabia’, KPMG delves into the Kingdom’s healthcare financing structure, providing insight into the development of expenditure patterns, and where potential improvements could – and should – be gained. On the back of several trends, such as a growing and aging population, the rise of chronic diseases, and growing demand for healthcare services, Saudi Arabia’s healthcare spending has jumped from SAR 22.8 billion in 2007 to nearly SAR 80 billion in 2021. While more recent data is yet to be released, spending between 2022 and 2024 is expected to have continued its historic upwards trajectory.

  • Türkiye, Saudi Arabia aim to boost trade to $10 billion

    The Turkish metropolis of Istanbul hosted a joint forum on Sunday with Turkish and Saudi businesses organised by the Foreign Economic Relations Board of Türkiye (DEIK) to advance collaboration between the sides. Attending the Türkiye-Saudi Arabia Business Forum, Saudi Arabia's Commerce Minister Majid bin Abdullah Al-Qasabi highlighted the importance of Turkish products in Saudi Arabia. Turkish Trade Minister Omer Bolat underscored the strength of bilateral trade, announcing that Türkiye and Saudi Arabia would surpass $8 billion in mutual trade this year. "Our goal for 2025 is to surpass the $10 billion psychological threshold," Bolat said.

  • Where Saudi’s MBS Beats China’s Deng Xiaoping

    In just eight years, MBS has put the $930 billion Public Investment Fund on the map, starting from a $45 billion commitment to SoftBank Group Corp.’s Vision Fund in 2016. Last year, PIF became the world’s most active sovereign wealth fund in terms of fresh capital deployed, surpassing long-time champion Singapore’s GIC. The fund continues to be active in 2024, buying 40% in the UK department-store chain Selfridges and injecting $2 billion capital into Chinese PC maker Lenovo Group Ltd., to name a few. But the Saudi crown prince is also becoming more assertive. Foreigners that take his money are expected to contribute immediately to the local economy. As part of the $2 billion deal, Lenovo has pledged to open a manufacturing facility and establish a regional headquarters in Saudi Arabia, leading to the creation of 15,000 local jobs.

  • US-headquartered DGA Group enters Saudi market with Riyadh office

    US-headquartered DGA Group currently has a team of over 300 experts working from offices worldwide, with its new Riyadh hub joining Dubai as its second office in the Middle East. DGA Group specialises in topics such as strategic communications, public affairs, government relations, and corporate reputation. Prem Kumar, partner at DGA Group and leader of the firm’s Middle East and North Africa division, said that the opening in Riyadh will enhance its ability to serve clients in the Kingdom, thanks to its closer proximity to client premises and the availability of an on the ground and local-expert team. Up until now, projects in Saudi Arabia were delivered by fly-in members from other offices, mainly Dubai.

  • Degradation of land is threat to human life, Saudi government says

    Land degradation, and ways to combat the problem, will come into sharp focus at a global summit to be held in the nation’s capital, Riyadh, in December. The conference of the parties (Cop) to the UN convention on combating desertification (CCD), which takes place every two years, is often an overlooked international meeting, sparsely attended compared with the Cops on climate and on biodiversity. But as this year’s host, Saudi Arabia is planning to put the issue of land management in the spotlight, inviting senior ministers and heads of government from around the world, in an attempt to bring in some financial muscle.