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  • Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”
     

    Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.” The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, […]

     
  • Saudi Arabia Will Remove its Ban on Internet Phone Calls on Thursday
     

    Saudi Arabia will remove its ban on internet phone calls on Thursday, a government spokesman said, in a bid “aimed at stimulating online business as the kingdom looks to boost non-oil revenue,” Reuters reports. The news is sure to be welcomed by the many foreign men and women who travel to Saudi Arabia for business, […]

     
  • New York Times Profiles New Saudi Ambassador to the U.S. Prince Khaled bin Salman
     

    The New York Times published a profile and interview with Saudi Arabia’s new Ambassador to the United States Prince Khaled bin Salman and the significant role the young prince will play in the U.S.-Saudi diplomatic and economic relationship. Prince Khaled, who is brother of the Crown Prince Mohammed bin Salman and son of King Salman, […]

     
  • Al-Falih: Steps Taken by OPEC Have Brought Greater Stability, Further Cuts Eyed
     

    Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources Khalid Al-Falih said he agreed with other OPEC nations to keep all options open in the organization’s push to re-balance world oil markets, “including the possible extension of output cuts beyond next March,” according to reports. According to three emailed statements from his ministry obtained by Bloomberg, steps taken by […]

     
  • Trump, King Salman Discuss Qatar Crisis in Phone Call
     

    U.S. President Donald Trump spoke with Saudi King Salman on Wednesday and urged “all the parties in the Qatar dispute” to find a diplomatic resolution to end the crisis, according to a White House statement. According to a White House readout of the call, President Trump and King Salman “discussed the need to defeat terrorism, cut off […]

     
  • Ambassador Prince Khaled bin Salman Meets with Young Saudis in Tech in California
     

    Saudi Arabia’s Ambassador to the United States HRH Prince Khaled bin Salman met with young Saudi men and women working in Silicon Valley this week, telling the young employees of major U.S. tech firms “I see our future in you. Our leadership is betting on your success,” according to accounts of the meeting. The meeting with […]

     
  • Qatar Welcomes Saudi Decision to Open Border for Hajj Pilgrims
     

    Qatar has responded positively to Saudi Arabia’s decision to open its border with with the Gulf Arab nation for Hajj pilgrims, but also criticized a “politicization” of the key pilgrimage, according to reports. Qatar’s Foreign Minister, Mohammed Bin Abdulrahman Al-Thani, said in a press conference in Stockholm, Sweden that “regardless of the fact that the pilgrimage was prohibited […]

     
  • Rumors Abound Regarding Location(s) of Saudi Aramco IPO Listing
     

    Saudi Aramco’s advisers have recommended London for the historic listing of the oil company, sources familiar with the matter told Reuters in an exclusive report. The report said U.S. disclosure rules were a concern for Saudi authorities. London’s Financial Conduct Authority (FCA) has proposed a rule change that would allow state-owned companies, such as Saudi Aramco, to […]

     
  • New Saudi City Aims for Nearly 1m New Housing Units Near Mecca and Jeddah
     

    Details have emerged on plans for a “giant extension” to the holy city of Mecca in Saudi Arabia that could add up to one million housing units by 2050, according to reports. Prince Khalid Al-Faisal bin Abdulaziz is governor of the Mecca Region. In a press conference, the Prince told reporters that the Al-Faisaliah project […]

     
  • Saudi Female Private Sector Employment Grew 10% in 2016, Ministry of Labor Says
     

    The employment of Saudi women in the private sector increased 10 percent in 2016 over the previous year, according to the Saudi Ministry of Labor and Social Development as reported in the Saudi Gazette. The latest figures show a continuation of a dramatic increase in the last four years for female participation in the workplace. Based on figures provided […]

     

MUST-READS

  • Hong Kong and Saudi Arabia explore funds to track Hong Kong stock indices

    Hong Kong and Saudi Arabia are exploring the creation of an exchange-traded fund (ETF) tracking Hong Kong indices, Hong Kong Deputy Financial Secretary Michael Wong said in a statement on Thursday. The Hong Kong government is currently working with several financial institutions to develop the ETF, Wong said. The statement was released on the sidelines of an event jointly held by the Saudi Tadawul Group, the owner of the Saudi Exchange, and Hong Kong Exchanges and Clearing Ltd (HKEX).

  • Saudi Arabia’s $100bn tech investment shows global leadership on AI, says Microsoft executive

    Saudi Arabia’s plan to invest $100 billion in technology is propelling the Kingdom to the forefront of innovation and talent development worldwide, said a senior Microsoft Arabia executive. In February, the Kingdom launched Alat, a technology and artificial intelligence firm backed by the Public Investment Fund, with the aim of pouring funds into Saudi Arabia’s technological sector.

  • Saudi Arabia broadens e-visa eligibility to include visitors from three new countries

    Saudi Arabia’s Ministry of Tourism announced on Wednesday it has expanded its e-visa ambit to include nationals from three new countries, as the Kingdom moves forward with its efforts to boost its tourism sector. Nationals of Barbados, Commonwealth of Bahamas, and Grenada can now apply for a visitor visa electronically or upon arrival at one of the Kingdom’s ports, the ministry said in a post on X.

  • Saudi Arabia leads Q1 IPO activity in MENA: EY report

    Saudi Arabia emerged as a dominant force in initial public offering activity for the region in the first quarter of 2024, according to multinational professional services EY. With nine IPOs launched during this period, the Kingdom, along with the UAE, contributed to a total of 10 listings, generating combined proceeds of $1.2 billion, as detailed in the MENA IPO Eye Q1 2024 report.

  • Saudi Arabia records 16% surge in credit card loans in Q1 2024

    Saudi Arabia recorded a 16 percent annual surge in credit card loans in the first quarter of 2024 to reach SR27.25 billion ($7.3 billion), the latest central bank data showed. The Saudi Central Bank, also known as SAMA, figures indicate a shift in consumer behaviors about cashless payment options and show that the Kingdom is on track to become a cashless society. Advertisement In an April report by GlobalData, Ravi Sharma, a banking and payments analyst, emphasized the transition from cash to electronic payments, noting: “While cash has traditionally been a preferred method of payment in Saudi Arabia, its usage is on the decline in line with the rising consumer preference for electronic payments.”

  • Saudi Industrial Production Index drops 8.7% in March

    Saudi Arabia’s Industrial Production Index (IPI) declined by 8.7% year-on-year (YoY) in March. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 104.48 points in March 2024, according to the base year 2021, compared to 114.47 points in March 2023. The index was directly affected by the decline in the mining and quarrying activity, which accounts for 61.4% of the index, the authority said. The IPI measures the relative change and reflects the production quantities of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of achieving a return.

  • UN Warns of Four-Month Lean Period in Yemen

    The Food and Agriculture Organization (FAO) warned that Yemen would be facing a lean period from June to September due to a decrease in humanitarian food assistance in Houthi-controlled areas and a projected increase in food prices in areas held by the legitimate government. In its quarterly food security update, the FAO said that despite a brief relief experienced from mid-March through April this year due to augmented social support (zakat) during the holy fasting month of Ramadan, food security is anticipated to deteriorate from June to September, marking “the peak of the lean period in the country.” FAO noted that during the first quarter of 2024, the food security situation deteriorated compared to the same period last year.

  • PGA Championship invites 7 LIV players to get top 100 in the world

    The PGA Championship officially has Tiger Woods in a field released Tuesday that includes invitations to seven players from Saudi-funded LIV Golf, giving the major 99 of the 100 in the world ranking at Valhalla next week. The PGA of America strives to have the top 100 in the world to maintain its reputation for having the strongest field of the four majors, although it is not part of the criteria. Those hopes ended late Tuesday when Rikuya Hoshino (No. 94) withdrew. The PGA leans on a catch-all category of “special invitations.” The group of LIV players includes Patrick Reed, whose tie for 12th in the Masters moved him inside the top 100. He is at No. 92, and the invitation keeps alive his streak of playing every major since the 2014 Masters.

  • Italy and Libya sign co-operation agreements

    Italian Prime Minister Giorgia Meloni signed three agreements with Libya during an official state visit on Tuesday, in which she met officials from the Tripoli and Benghazi-based governments in the conflict-torn country. The agreements are part of the Mattei plan, a project in which Italy promised a €5.5 billion ($5.92 billion) investment package for projects in Africa at a summit in Rome in January. Ms Meloni initially met Prime Minister Abdul Hamid Dbeibeh, who leads the National Unity Government in Tripoli.

  • Podcast: A Plan to Remake the Middle East

    If and when Israel and Hamas reach a deal for a cease-fire, the United States will immediately turn to a different set of negotiations over a grand diplomatic bargain that it believes could rebuild Gaza and remake the Middle East. Michael Crowley, who covers the State Department and U.S. foreign policy for The Times, explains why those involved in this plan believe they have so little time left to get it done.