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  • King Salman Announces New Governor of the General Authority for Foreign Trade in Weekend Royal Orders
     

    Custodian of the Two Holy Mosques King Salman issued several royal orders on Saturday appointing a number of officials to positions, including appointing Abdulrahman Al-Harbi to be the first governor of the General Authority for Foreign Trade. Al-Harbi is serving as Deputy Minister for Foreign Trade and Investment in Saudi Arabia’s Ministry of Commerce and Investment. The […]

     
  • 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 […]

     

MUST-READS

  • Saudi Aramco finalizes deal for phase 2 of Jafurah gas field scheme

    Saudi Aramco has finalized agreements for the second phase of its Jafurah gas field development and the third stage of the expansion of its master gas system, awarding contracts exceeding $25 billion. The company has granted 16 agreements for phase two development at Jafurah, worth a combined total of around $12.4 billion. An additional 15 one-time complete contracts, worth around $8.8 billion, have been awarded to commence the phase three expansion of the master gas system, which delivers natural gas to customers across Saudi Arabia.

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

    Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, which delivers natural gas to customers around the country, according to a statement. Aramco also awarded $2.4 billion in contracts for gas rigs.

  • Saudi Power Procurement Company signs deals for three solar projects

    Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three new solar photovoltaic projects with total capacity of 5.5 gigawatts (GW), the Saudi energy ministry said on Wednesday. In a statement through the Saudi stock exchange on Thursday, ACWA Power said the agreements are worth 12.3 billion riyals ($3.28 billion) in total.
    The agreements are with Saudi renewable energy utility ACWA Power Company, the Water & Electricity Holding Company (Badeel) and Aramco Power. Badeel is wholly owned by Saudi Arabia's Public Investment Fund.

  • Saudi Arabia’s Contribution to Humanitarian Relief Reaches $130 Billion

    The Kingdom can trace back its record in relief aid to the mid-20th century. In 1950 and under the directives of the founder King Abdulaziz, it sprang to offer humanitarian aid to the victims of floods in Punjab that claimed around 2,900 lives. The following year, Saudi Arabia set up a major school in Jerusalem where 500 students received comprehensive care and education. King Abdulaziz dedicated 100,000 dollars to the school every year.

  • Saudi Tadawul Group Invests in Dubai Exchange

    The acquisition sees Saudi Tadawul Group Holding Company become the joint largest shareholder in DME Holdings Limited, the parent company of Dubai Mercantile Exchange (DME), alongside CME Group, through the acquisition of a mix of new and existing shares. DME will be rebranded as the Gulf Mercantile Exchange (GME) to reflect its position as the key regional commodities exchange in the Middle East.

  • DJIBOUTI: New Logistics Zone to be Established by Saudi Arabia

    The Federation of Saudi Chambers signed a contract with the Djibouti Ports and Free Zones Authority on 4 June 2024 to establish the Saudi Logistics City in Djibouti’s port free zone. The 92‑year contract marks an important milestone in Saudi‑Djibouti economic relations. In its inaugural phase, the Saudi logistics city will cover an area of 120,000 sqm. It will house a permanent exhibition; a platform for Saudi industries; and a commercial exchange area including warehouses and other facilities. The logistics free zone will also serve as a link for commerce and innovation and is expected to boost Saudi Arabia’s economic presence in the African continent.

  • Strategic interests galvanise Gulf’s renewables spending

    “The producers in the Gulf see a different scenario — and particularly a lifeline through petrochemicals — [in which] there will be sustained demand for their product for at least the next 20 years,” says Young.  The Gulf states “believe they will be the last man standing because they will sell the lowest carbon intensity fuel in the future”, adds al-Sarihi, on the basis that compared with other sources of oil, those in the region require the least amount of energy to extract.

  • Just Wars Can Still Be Bad Wars: A Response to Readers on Gaza

    I’ve written a lot about the war in Gaza since October, taking the starting point that both Israelis and Palestinians have a right to live in security, that Hamas’ goals and actions make it the enemy of both, that no hurt can justify collective punishment, and that counterproductive wars make for very bad policy.

  • Al-Jadaan highlights Saudi efforts to boost non-oil revenues and diversify economy at Vienna meeting

    The minister said that these efforts will be supported by labor market reforms to enhance female participation in the workforce, continued growth in higher education and training to provide Saudi youth with the necessary skills, as well as improvements in the ecosystem for private sector investment while providing support to small- and medium-sized enterprises. Al-Jadaan acknowledged the challenges that low-income developing countries face while noting that each country’s own actions play the driving role in achieving sustained economic development over time.

  • Rich Gulf States Have Huge Ambitions. Will Extreme Heat Hold Them Back?

    Sweltering temperatures drive up energy demand, wear down infrastructure, endanger laborers and render even simple outdoor activities not only unpleasant, but potentially perilous. That all will impose a significant long-term tax on the vast ambitions of Gulf countries, experts say.