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  • Saudi Arabia Enters Global Race for 5G Telecom with New STC Deals
     

    Saudi Arabia is in the global race to launch one of the first 5G telecom networks in the world and the largest 5G in the Middle East and North Africa, according to reports. The stakes are high for all countries in the 5G race; the new cellular system will potentially transform the world as we […]

     
  • VAT Rollout in Saudi Arabia ‘Raised More Revenue than Initially Expected’ – Latest PWC Middle East Economy Watch
     

    The latest Middle East Economy Watch quarterly report by PWC examined the economic impact of the VAT roll out in the UAE and Saudi Arabia, noting that “with some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in Saudi Arabia it has raised more revenue […]

     
  • PIF-backed Saudi mortgage refinancing firm to expand offering in 2019 – Report
     

    The Public Investment Fund-backed Saudi Real Estate Refinance Company (SRC) expects to issue its first public sukuk this year and a second private placement in the next two weeks, while developing further plans to finance an expansion of the kingdom’s home mortgage market, according to reports. Saudi Real Estate Refinance Co., a unit of the kingdom’s […]

     
  • ‘MSCI Tadawul 30 Index’ Goes Live with 30 Biggest Saudi Equities
     

    MSCI Inc. and the Saudi Stock Exchange (Tadawul) announced today the launch of the MSCI Tadawul 30 Index, a tradeable index, according to a press release. The Index is based on the MSCI Saudi Arabia IMI Index that represents the performance of large, mid and small-cap stocks of the Saudi Arabia equity market. The Index […]

     
  • Saudi Arabia Sets Up New Company for NEOM Fully Owned by Kingdom’s PIF
     

    Saudi Arabia has established a new company to proceed with the development of NEOM, the planned $500 billion mega-city to be built in the northwest of the Kingdom, according to reports. The company will be owned by the government’s Public Investment Fund, according to a Reuters report, which cited the Saudi Press Agency. The new legal status of […]

     
  • Royal Decree Removes Saudi Civil Aviation Authority President
     

    The chairman of Saudi Arabia’s General Authority of Civil Aviation (GACA), Abdul Hakim bin Mohammed Bin Sulaiman Al-Tamimi, has been removed from his post by a royal decree issued on Monday, the Saudi Press Agency and other regional outlets reported. No announcement was made on who would replace him, nor was there a reason given for the […]

     
  • Saudi Arabia Explores Interconnected Gas Grid for Region
     

    Saudi Arabia may pursue an interconnected natural gas grid in the region that would link together the Kingdom with Oman, Kuwait, and the United Arab Emirates, according to reports. “I am talking to my colleagues in Oman, Kuwait, UAE, about extending a gas grid in the region and we hope to exchange gas and we also have […]

     
  • Salaries in Saudi to Increase 5-6% in 2019, Women Participation to Rise 15%, Study Says
     

    Salaries for mid-level to senior professionals in Saudi Arabia will rise between 5-6% on average in 2019 and women will see a 15% rise in workforce participation in 2019, a recent study by GCC-based recruitment consultancy Cooper Fitch said. The study, the Cooper Fitch Salary Guide for the Kingdom of Saudi Arabia in 2019, provides salary expectation […]

     
  • Saudi GDP Grew in 3Q, but Non-Oil Growth Slows
     

    Saudi Arabia’s economy grew in the third quarter of 2018 at its fastest rate since early 2016, according to reports, but non-oil growth slowed to 2.1 percent from 2.4 percent. The economic expansion came on the back of the oil sector, Reuters reports, with gross domestic product growth up 2.5 percent from a year earlier. But the slowing […]

     
  • Saudi Arabia Plans to Increase State Spending by More than 7 Percent in 2019
     

    Saudi Arabia plans to ramp up state spending by more than 7 percent in 2019, according to a budget released by the Finance Ministry on Tuesday. Spending is projected to rise to $295 billion next year, Arab News reports, an increase of $25 billion over 2018’s figure of $270 billion. The move is seen as an effort […]

     

MUST-READS

  • Saudi Arabia’s Abyan Capital closes $18m Series A round, led by STV

    Abyan Capital, a pioneering robo-advisory firm in Saudi Arabia, has closed an impressive $18m Series A funding round, with STV taking the lead alongside Wa’ed Ventures and RZM Investment, according to wamda. Since its inception in 2022, Abyan Capital has reshaped Saudi Arabia’s financial advisory landscape, offering automated, user-friendly, and Shariah-compliant investment and savings solutions. The company’s range of products empowers users to efficiently manage investments, optimize asset allocations, and achieve financial objectives seamlessly.

  • US National Security Adviser Insists on No Saudi Defense Pact Without Israel Normalization

    Jake Sullivan, who serves as President Joe Biden’s top national security aide, told the UK-based Financial Times that the materializing deal currently being discussed with Saudi Arabia centers on a “bilateral understanding” between the US and the Gulf kingdom on defense issues as well as a nonnegotiable normalization process with Israel. Similarly, the deal would also center on a framework providing “meaningful steps on behalf of the Palestinian people,” he added.  

  • China vs. U.S.: Who’s Winning Hearts and Minds?

    The U.S. is currently beating China in the competition for leadership approval in much of the world. But, as a new Gallup report shows, this approval can depend a great deal on who is in power. Based on relative net approval scores, the U.S. enjoyed an advantage in 81 out of 133 countries that Gallup surveyed in 2023, while China had an advantage in 52. The United States' net approval advantage was largest in Kosovo at +154 points (+78 U.S. net approval and -76 Chinese net approval). China’s advantage was largest in Russia at -132 points (-82 U.S. net approval and +50 Chinese net approval). In any country, net approval of the U.S. minus net approval of China results in a relative net approval score between 200 and -200. A score of 200 means everyone approves of U.S. leadership and disapproves of Chinese leadership, while a score of -200 indicates the opposite. A score of 0 suggests parity, where the U.S. and China share the same net approval score.

  • Biden warns Netanyahu against major Rafah offensive as divide between the 2 leaders grows

    President Joe Biden on Monday urgently warned Israeli Prime Minister Benjamin Netanyahu against launching an offensive in the southern Gaza city of Rafah as the divide between the two leaders continues to grow along with the mounting Palestinian death toll. The call between Biden and Netanyahu came as Israel appeared to be moving closer to a major military operation to root out Hamas militants in Rafah — something that Biden and his top aides have repeatedly told Israeli officials will only lead to more death and worsen the despair in the war-ravaged territory.

  • Hamas responds to ceasefire deal; Israel strikes in eastern Rafah

    While Hamas today said it had accepted a three-phase ceasefire/hostage release deal, Israel called Hamas’ proposal insufficient and said that it was proceeding with targeted military operations in eastern Rafah. It said it would, however, send a low-level delegation to Cairo to continue negotiations. A White House official said that Hamas had proposed some amendments to an April 26 draft negotiated by Egypt, the United States, Israel, and Qatar.

  • Israeli military takes control of vital Rafah crossing from Gaza into Egypt

    The Israeli military seized control of the Rafah border crossing between the Gaza Strip and Egypt on Tuesday and its tanks pushed into the southern Gazan town of Rafah after a night of air strikes on the Palestinian enclave.
    The Israeli offensive took place as mediators struggled to secure a ceasefire agreement between Israel and its Hamas foes and as the conflict entered its 8th month.
    The Palestinian militant group said late on Monday it had agreed to a ceasefire proposal but Israel said the terms did not meet its demands.

  • Gulf Artists Make a Splash at the Diriyah Contemporary Art Biennale

    The second Diriyah Contemporary Art Biennale, which opened in Riyadh February 20, comes to a close in late May after a busy and popular run. Featuring 177 works by 100 international artists, the show, “After Rain,” reflects “a sense of revitalization and renewal, calling to mind the refreshing scent of the air when rain has fallen,” according to the print catalogue. Metaphorically echoing ideas of regeneration and change in Saudi Arabia’s social and cultural developments, the show’s theme also more literally contemplates the necessity of water for all life on Earth and the relationship of this resource to the desert environment of Saudi Arabia and other countries.

  • F-15EX ‘Dogfights’ Eurofighter, Rafale Aircraft For Big, Fat Saudi Deal; Can Boeing Outdo Airbus & Dassault?

    With three options on the table, there is also conjecture that the kingdom might take the Qatar route and make its fleet more diverse by adding Rafales to the mix of its existing fleet comprising the F-15SA and the Eurofighter Typhoons. Although the officials in the kingdom have not officially acknowledged their interest in the French Rafale or the Airbus Eurofighter, a potential acquisition of either of these fighters may come as yet another setback to the US arms industry, which is believed to be steadily losing ground to European and even Chinese and Russian arms manufacturers in the Middle Eastern region.

  • Saudi Arabia’s private sector workers grow to 11.3M in April

    The total number of workers in the Saudi private sector reached 11.27 million in April 2024, the National Labor Observatory said. The total number of nationals working in private-sector entities stood at 2.36 million in the same month, of which male and female workers accounted for 1.39 million and 970,240, respectively. Meanwhile, the number of expats working in the private sector reached 8.92 million. Meanwhile, a total of 18,540 Saudis joined the private sector workforce for the first time.

  • U.S. Shuffles Military Assets in Middle East After Gulf Pushback

    The U.A.E. informed the U.S. in February that it would no longer permit American warplanes and drones based at Al Dhafra air base in Abu Dhabi to carry out strikes in Yemen and Iraq without notifying Emirati officials ahead of time. That has prompted U.S. commanders to send the additional aircraft to Al Udeid air base in Qatar, the small Persian Gulf monarchy that hasn’t imposed similar restrictions, U.S. officials said.