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A Look at Saudi Arabia’s 2020 Budget
This week, Saudi Arabia unveiled its 2020 budget, which signals an end to the expansionary trend of recent years, assumes lower oil prices than in 2019, and continues to invest in the economic diversification as outlined in the Kingdom’s Vision 2030 economic and social reform plans.
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Saudi Aramco Soars 10% in Debut in ‘Vindication’ for Company
Saudi Aramco’s shares rose SAR 3.20, or 10% (the daily limit) to 35.2 riyals in Riyadh, raising the company’s valuation to $1.88T. The debut, by any measure, is a success, and officially makes Saudi Aramco the world’s most valuable company.
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Saudi FM Prince Faisal bin Farhan Meets with Secretary of State Mike Pompeo
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan has met with US Secretary of State Mike Pompeo in Washington on Thursday ahead of an international meeting of countries committed to defeating ISIS, according to reports and social media. “During the meeting, they discussed the Saudi-US long-established strategic partnership, especially the partnership in the fight against […]
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Saudi-based STV Leads $23 Million Funding Round in Trukker
Saudi-based Saudi Technology Ventures (STV) said in a blog post that it is leading a $23 million investment round in Trukker, a truck-focused digital freight marketplace and aggregator based in the UAE. “Today, truck drivers must communicate with brokers via phone calls in order to negotiate pricing of each transaction and discuss capacity and routes,” […]
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State Department Lauds ‘Strong counterterrorism relationship’ between Saudi Arabia and the United States
The U.S. State Department’s recently-released country reports on terrorism praised the U.S.-Saudi “strong counterterrorism relationship” and said “through a range of counterterrorism initiatives, many in partnership with the U.S. government, Saudi Arabia took tangible steps to strengthen its counterterrorism capabilities in border security, counter terrorist financing, and [countering violent extremism].” “Based on local reporting, Saudi Arabia […]
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Venture Capital Set for Ten-fold Growth Over the Next Six Years in Saudi Arabia
Venture capital investments in Saudi Arabia are set to grow ten-fold over the next six years, according to a new report by Saudi Technology Ventures published by The National. The report says that Venture funding investments are at a “positive inflection point” and are set to grow to $500 million annually by 2025, from $50m last […]
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To the Delight of Fans, Saudis Play Soccer Match in West Bank for First Time in Decades
Saudi Arabia’s soccer team will play against the national team in Palestine in the West Bank for the first time in over a decade, delighting fans from both sides. The match, planned for Tuesday, has “electrified Palestinians” not just because it’s a World Cup qualifying match, but because it’s a home game actually played at […]
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Officials Announce ‘Riyadh Season’, a Three-Month Series of Events
Saudi officials have launched ‘Riyadh Season’, a new, three month series of events that will take place from October 15 to December 15 all around Riyadh. The countdown was launched by the chairman of the General Entertainment Authority, Turki Al Sheikh, on his twitter account in a video. The theme of the first season is ‘Imagine.’ Officials have […]
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Saudi Arabia has Selected Haifaa Al Mansour’s ‘The Perfect Candidate’ as its Official Entry for the 2020 Oscars
Saudi Arabia has selected Haifaa Al Mansour’s The Perfect Candidate as its official entry for the 2020 Oscars in the best international feature category, according to reports. Haifaa Al Mansour’s “The Perfect Candidate” is about a Saudi doctor who challenges the patriarchal system in her country by running in municipal elections. Al Mansour is one of the Kingdom’s best-known […]
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Saudis Pay Tribute to Famous Bodyguard to Kings Killed in Dispute with Friend in Jeddah
Saudi citizens took to social media to pay tribute to Maj. Gen. Abdulaziz Al-Fagham, the bodyguard to both the late King Abdullah and King Salman who was killed in argument with a friend in Jeddah, Saudi state media said. Al-Fagham, a tall and fit man who had a familiar face for many Saudis because he was […]
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Saudi Arabia buys around 235,000 metric tons of wheat, GFSA says
Saudi Arabia’s main state wheat buying agency, the General Food Security Authority (GFSA), on Monday purchased around 235,000 metric tons of hard wheat in an international tender, the agency said.
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Thousands flee their homes as Israeli forces bomb southern Gaza
Israeli forces bombarded several areas of the southern Gaza Strip on Tuesday and thousands of Palestinians fled their homes in what could be part of a final push of Israel's intensive military operations in nine months of war. Eight Palestinians were killed and dozens wounded, health officials said. Israel's military said that two soldiers had been killed in battle a day earlier. Israel's leaders have said they were winding down the phase of intense fighting against Hamas, the Islamist group that has governed Gaza since 2007, and would soon shift into more targeted operations.
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Saudi Arabia’s sovereign wealth fund swings to $36.8 bln profit in 2023
Saudi Arabia's sovereign wealth fund PIF swung to a profit of 138.1 billion riyals ($36.81 billion) in 2023, it said on Monday, after posting a loss of $15.6 billion a year earlier. Total revenues at the Public Investment Fund more than doubled to $88.3 billion last year from $44 billion in 2022, according to a regulatory filing.The rise in revenues was driven by factors including an improvement in both investment and non-investment activities in sectors like banking, telecommunications and gaming, as well as increased dividends.
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Nazaha: 155 government officials arrested over corruption charges
The Nazaha said in a statement on its X account that its officials carried out a total of 924 inspection raids during the last month of June. The Nazaha initiated a number of criminal and administrative cases following the oversight rounds in June, which resulted in the investigation of cases against 382 officials accused of various corruption charges.
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EV Metals Group completes initial exploration programme at Saudi Arabia project
The Project, located 450 km east of Jeddah in the South-East of the Arabian Shield, comprises 13 tenements, covering a total area of approximately 1200km2. All 13 tenements already have exploration licenses granted with the final 2 having recently being granted in April. Previous work conducted to date indicate the prospects of lithium and rare earths. RIWAQ also holds 2 separate tenements, which are prospective for nickel and copper/molybdenum porphyry systems respectively. These are both pending final grant.
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Saudi Arabia introduces mandatory health insurance for 3.7 million domestic workers
Saudi Arabia has today introduced mandatory health insurance for domestic workers employed by households with more than four staff, according to the Saudi Council of Health Insurance (CHI). The CHI says the move is part of the CHI and the Insurance Authority’s efforts to enable all beneficiaries to access comprehensive care and prevention and to empower stakeholders to achieve justice, transparency, excellence and performance.
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Saudi energy minister announces discovery of 7 oil, gas deposits
Saudi Arabia’s energy minister announced the discovery of seven oil and gas deposits in the Kingdom’s Eastern Province and Empty Quarter, Saudi Press Agency reported on Monday.Prince Abdulaziz bin Salman said Saudi Aramco had discovered “two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs,” SPA said.
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Saudi Customs thwarts attempt to smuggle 3.6 million Captagon pills at Jeddah Islamic Port
Customs inspectors at Jeddah Islamic Port thwarted an attempt to smuggle 3,633,978 Captagon pills, which were found hidden in a consignment coming to Saudi Arabia. The Zakat, Tax and Customs Authority (ZATCA) explained that a shipment consisting of “iron equipment” was received at the port, and when it was subjected to routine customs inspections using modern security techniques, a quantity of grains was found hidden within the shipment.
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Organizational structures for health clusters approved
It is noteworthy that the first phase of the health transformation was completed by the Ministry of Health by the end of 2023 with the launch of 20 health clusters to serve beneficiaries in various regions of the Kingdom. Eight paths of the modern healthcare model were implemented, which include heart attack path, the stroke path, the early detection path for breast cancer, early detection path for colon cancer, serious injuries path, the obesity path in adults, the diabetes path in adults, and the palliative care path.
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‘Top Chef Middle East’ Moves to Saudi Arabia’s Neom Hub for New Season
“Top Chef Middle East,” the hit Arabic-language adaptation of Bravo’s TV series, is moving to Saudi Arabia’s innovative Neom production hub. Leading Middle East broadcaster MBC – which is Saudi-owned – is teaming up with Neom Media Industries to launch production of the eighth season of the reality culinary contest near the planned futuristic city known as “the Line.”
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