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  • Leaders Arrive in Saudi Arabia for Two Summits as Tensions Run High Over Iran
     

    Saudi Arabia began hosting Arab leaders for two emergency summits starting today after attacks this month on oil assets has heightened tensions with Iran, according to reports. Riyadh hopes the meetings will deliver a strong message to Iran that regional powers will defend their interests against any threat after this months attacks, Reuters reports. Saudi Arabia’s Minister of […]

     
  • Economy Update: Prices cool down after a year of reforms
     

    The latest official government figures on inflation for Saudi Arabia show a decline in prices after a year of reforms, according a recently released report by Jadwa Investment. Over the last year, Saudi Arabia has introduced a number of reform measures, including the introduction of a VAT, utility price reform, and other changes. The latest General […]

     
  • Saudi Arabia’s SALIC invests in crop analytics firm Hummingbird Technologies
     

    The Saudi Agricultural and Livestock Investment Company (SALIC) announced it was leading a £7m ($8.8m) funding round of investments into artificial intelligence startup Hummingbird Technologies, according to the company. Hummingbird, which was set up in 2016, uses drone and artificial intelligence to provide advanced crop analytics to farmers. Hummingbird, using imagery and data analytics from satellite, drone, plane […]

     
  • Oil Soars as Two Saudi Oil Tankers Among Four Attacked off UAE Coast
     

    Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates, Reuters reports, with a total of four vessels being impacted by an attack. The UAE said on Sunday that four commercial vessels were “sabotaged” just outside the Strait of Hormuz. It did […]

     
  • Saudi Government Revenue Surges Nearly 50% in Q1
     

    Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment. Both oil and non-oil revenue saw sizable rises. Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend […]

     
  • Senate Fails to Override Trump Veto on Yemen War
     

    The Senate on Thursday fell short of the votes needed to override President Trump’s veto of legislation demanding an end of U.S. support for the Saudi-led military coalition operating in Yemen. The resolution passed in the House and Senate would have ended all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen. It marked […]

     
  • IMF’s Regional Economic Outlook Says Saudi Needs $85 Oil for Fiscal Balance
     

    A recently-released IMF report on the oil-producing Middle East and North African economies said that Saudi Arabia’s newest breakeven price for oil – the price of oil at which its government could fund its operations without a deficit – is $85 on the Brent index. The report is a quarterly update on the economies of oil-producing […]

     
  • Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
     

    A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]

     
  • Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
     

    Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]

     
  • PIF-backed Uber Technologies Buys Regional Rival Careem for $3.1 Billion
     

    It’s the biggest tech deal the Middle East region has ever seen. Uber Technologies, Inc. is buying regional ride-sharing rival Careem for $3.1 billion, $1.7 billion in convertible notes and $1.4 billion in cash. Dubai-based Careem successfully rivaled Uber in Saudi Arabia and other parts of the Middle East region, amassing 30 million users across 90 […]

     

MUST-READS

  • Why GCC states are boosting their energy footprint in the region

    As geopolitical uncertainties rise, Gulf Arab states have adopted a two-pronged strategy for their energy investments. First, they are pivoting to Asian markets—a move aimed at securing buyers for their energy exports. This comes as the center of gravity for demand is moving away from member countries of the Organization for Economic Cooperation and Development (OECD) and towards developing Asia, which now represents the primary focus for growth. Second, Gulf states are broadening their oil and gas investments to include less politically stable countries in the region, such as Iraq and Lebanon, as well as emerging energy-rich economies in the South Caucasus—including Azerbaijan.

  • Christie’s celebrates Saudi artist Ahmed Mater and poetic power of art

    “This was the first language of art that told me that art is symbolic, that art is telling a story, that art is your voice,” Mater tells The National. “Here, art is from society, it's part of the family. Art was not inside a frame. It's art for life. It's coming out of the frame to be part of the walls, part of our lifestyle.”

  • Aramco to buy 10% stake in Renault-Geely thermal engines venture

    Oil producer Saudi Aramco (2223.SE), opens new tab will buy a 10% stake in a thermal engines joint venture between French carmaker Renault and Chinese automaker Geely, the companies said on Friday, valuing the business at 7.40 billion euros ($7.93 billion). Geely (0175.HK), opens new tab and Renault (RENA.PA), opens new tab will own around 45% each of the powertrain venture, called Horse Powertrain, which will supply gasoline engines, hybrid systems and gearboxes for thermal vehicles.

  • Saudi Arabia aims to triple Umrah pilgrims to 30 million annually

    Saudi Arabia is seeking to increase the number of Muslims performing Umrah, or the minor pilgrimage, to reach 30 million a year, an official has said. "Every year, there is an increase in numbers," Abdulrahman bin Fahd, an assistant undersecretary for Umrah Affairs, told Saudi television Al Ekhbariya. He cited a plan aiming to target more than 10 million Umrah pilgrims this year.

  • Why Saudi Arabia matters more than ever to the US in a volatile Middle East

    American critics often highlight a lack of "shared values" between the U.S. and the Kingdom when they argue against a security alliance between these two countries. What they mean is that Saudi Arabia is an absolute monarchy and, thus, not a worthy ally because it is not democratic. Focusing on this difference alone ignores the many values and interests actually shared between the two countries. Among these is a mutual desire for an open capitalist world economy, predictable energy markets, safe trade routes, the containment of rogue states that violate international law, and a stable Middle East.

  • The EU and GCC have embarked on a new era of strategic partnership

    The EU has become acutely aware of the absolute urgency of a fresh and coherent approach to reflect, strengthen and lead the growing strategic convergence with the GCC around trade, investment and new technologies; energy security, climate change and green transition; people to people; regional, global security and humanitarian challenges; and a new generation of dedicated institutional engagements.

  • India and Iran Move Forward on Long-Delayed Chabahar Port Project

    On May 13, India signed a 10-year agreement with Iran to develop and operate the Shahid Beheshti terminal of Iran’s strategic Chabahar port. The new agreement follows a previously promised Indian investment in 2016 of a potential $500 million. It comes after multiple failures to fully implement a previous deal concluded in May 2016 to develop two terminals and five berths at Chabahar port to transport goods and gas from Central Asia to India and handle other international cargo.

  • Saudi Arabia urges its citizens to leave Lebanon immediately

    Saudi Arabia urged its citizens to leave Lebanon immediately, Saudi Press Agency (SPA) reported on Saturday. The call from the Saudi embassy in Lebanon comes following “ the developments of the current events in southern Lebanon, and confirms its previous call to all Saudi citizens to abide by the travel ban to Lebanon,” a statement on SPA said.

  • U.S. Special Envoy for Yemen Lenderking’s Travel to Saudi Arabia and Oman

    U.S. Special Envoy for Yemen Tim Lenderking is traveling to Saudi Arabia and Oman this week to continue discussions with partners regarding recent Houthi detentions of UN, diplomatic, and international NGO staff and efforts to secure an immediate end to reckless Houthi attacks in the Red Sea and surrounding waterways.  Houthi detentions and attacks threaten progress toward achieving a durable resolution to the conflict in Yemen and obstruct the delivery of humanitarian assistance to Yemenis and people in need across the region.

  • Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

    Saudi Arabia has some of the biggest gas reserves in the world. Development of the Jafurah field, estimated to hold 200 trillion cubic feet of gas, is expected to cost $100 billion and boost the firm’s gas production more than 60% by 2030.