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  • Jadwa Investment Revises Saudi GDP Down to 1.1%
     

    The latest quarterly GDP update on the Saudi economy from Jadwa Investment finds year-on-year growth continued to slow for the fourth consecutive quarter, “mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.” However, in real terms, the Saudi economy was 1.4 percent larger in the second quarter […]

     
  • Top Saudi Investment Officials in New York for Two-Day JPMorgan Chase Event
     

    Saudi Capital Market Authority Chairman Mohammed Al-Jadaan and Tadawul stock exchange Chief Executive Officer Khalid Al Hussan are among officials attending a two-day event in New York City this week organized by JPMorgan Chase & Co., Bloomberg reports. According to Bloomberg, senior representatives of the kingdom’s economy ministry and central bank will also be present. The […]

     
  • Opposition to JASTA ‘Bubbles’ but Override Still Likely after White House Veto on Friday
     

    President Obama vetoed the Justice Against Sponsors of Terrorism Act (JASTA) on Friday, setting up an expected showdown with Congress over the controversial bill that would open up foreign nations to lawsuits in the United States. In a thoughtful letter to Congress attached to the veto, President Obama says that while he has deep sympathy […]

     
  • White House Lobbies Senate on JASTA, Works Toward 34 Votes to Prevent Veto Override
     

    Some Senate Democrats on Capitol Hill continue to consider their votes on the Justice Against Sponsors of Terrorism Act (JASTA) and, according to some reports, are “starting to show cracks in their support” of the legislation after efforts by the Obama administration to convey the risk of the bill’s potential international relations fallout.  JASTA, which would expand […]

     
  • Al-Jubeir in Wall Street Journal: ‘Iran Can’t Whitewash Its Record of Terror’
     

    Saudi Foreign Minister Adel Al-Jubeir blasted his Iranian counterpart in a new op-ed published by the Wall Street Journal, saying that Iran cannot “whitewash its record of terror.” “The fact is that Iran is the leading state-sponsor of terrorism, with government officials directly responsible for numerous terrorist attacks since 1979. These include suicide bombings of the U.S. […]

     
  • Houthi Rebels Claim Capture of Post Inside Saudi Border
     

    Officials from Yemen’s Shiite Houthi militia say their fighters and allied troops have captured a Saudi military post in the border region of Jazan, according to reports.  According to a report in the Associated Press, the claim has been denied by a Saudi military spokesman. However, a 15-minute video clip posted on social media networks and aired late […]

     
  • 15 Year-Old Saudi Girl Proposes First ‘Hijab Emoji’
     

    Rayouf Alhumedhi, a Saudi-born teenager currently living in Germany is the lead author on a new proposal for a hijab emoji to the Unicode Consortium, the nonprofit that governs the creation and approval of emoji. Emojis are popular small images that are available on mobile and desktop keyboards that are increasingly adding to, and even replacing, […]

     
  • Security Tight as Millions Perform Hajj in Saudi Arabia; Eid al-Adha Begins Today
     

    Saudi Arabia has invested heavily in added safety and security measures as the Kingdom hosts this year’s estimated 1.85 million Hajj pilgrims.  Photos from the official Saudi Press Agency (SPA) show Saudi civil defense forces and medical personnel on standby ready to ensure a safe and peaceful Hajj. Temperatures throughout the week topped 100°F (28°C), making […]

     
  • Saudi, Russia Sign Oil Cooperation Agreement
     

    Saudi Arabia and Russia signed an agreement on Monday to cooperate in world oil markets – but the cooperation does not include an immediate cut in production that some other oil producing nations want. The agreement was struck between top Saudi and Russian officials currently at the G20 summit in the Chinese city of Hangzhou. Saudi Energy Minister […]

     
  • Deputy Crown Prince Mohammed bin Salman Arrives in China, Meets with Top Chinese Officials to Discuss ‘Vision 2030’
     

    Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman and a delegation including top ministers and other officials are in China this week for talks aimed at pushing the Kingdom’s Vision 2030 broad economic reforms. The visit to global economic powerhouse China, like the Deputy Crown Prince’s visit to the United States in June, hopes to “showcase […]

     

MUST-READS

  • Saudi Arabia Loads Up on Debt Amid Growing Megaproject Bills

    The kingdom added around $17 billion in new sovereign debt in the first three months of the year, hitting its total target for all of 2024. The borrowing is part of Saudi Arabia's dash for cash to feed the hugely expensive megaprojects that anchor its planned economic revamp. Saudi Arabia's debt level remains conservative versus Western economies. Its sovereign debt equaled about 27% of gross domestic product last quarter, well shy of the 60%-plus seen in much of Europe.

  • Saudi Equities — Five-Year Milestone and the Road Ahead

    Since May 2019, the MSCI Saudi Arabia and MSCI Tadawul 30 Indexes and the MSCI Saudi Arabia Investable Market Index (IMI) have outperformed the MSCI Emerging Markets IMI. The MSCI Tadawul 30 Index, jointly launched by MSCI and the Saudi Stock Exchange Co. (Tadawul), includes the top 30 stocks listed in the Saudi equity market, based on free-float-adjusted market capitalization and screened for liquidity and international investability.

  • Al-Jadaan: Saudi Arabia seeks deepening collaboration with Switzerland in diverse fields

    He said this while inaugurating the 4th Saudi-Swiss Financial Dialogue held in Zurich, Switzerland, on Thursday. Al-Jadaan headed the Saudi delegation to the conference and the delegation also included a number of senior officials from the Saudi Ministry of Finance, Saudi Central Bank, Insurance Authority, Financial Sector Development Program, and Fintech Saudi.

  • Esports World Cup in Saudi Arabia with a $60 mln prize: All you need to know

    Saudi Arabia is gearing up to host its debut Esports World Cup (EWC) in Riyadh with prize pool of over $60 million in July. The prize pool is the largest ever in the industry, to be divided into four categories – game championships ($33 million), player bounties ($1 million), qualifiers ($7 million), and a cross-game competitive format club championship ($20 million).

  • How Saudi Arabia’s plans to increase base metals production, consumption will affect markets

    The country’s ambitious plan to diversify away from oil and into metals will increase local nickel consumption and fund international mining projects, given recent massive investments in nickel-intense industries, sources said. Meanwhile, Manara Minerals’ investment in Vale’s base metals unit could lead the firm’s nickel production to increase to 3000,000 tpy from around 175,000 tpy, according to Vale.

  • Israeli Official Describes Secret Government Bid to Cement Control of West Bank

    Israeli judges have long ruled that Israel’s control of the territory is a temporary military occupation and complies with international law. A powerful minister’s recent speech, caught on tape, suggested the government is trying to change that.

  • Opinion: Saudi Arabia’s Unwavering Support For Palestine

    The religious significance of Palestine, particularly Jerusalem, also plays a crucial role in Saudi Arabia’s stance. As the custodian of the two holiest sites in Islam, Mecca and Medina, Saudi Arabia holds a unique position within the Muslim world. Jerusalem, home to the Al-Aqsa Mosque, the third holiest site in Islam, holds profound religious importance for Muslims worldwide. Saudi Arabia’s commitment to protecting and preserving Islamic heritage in Jerusalem underscores its broader support for Palestinian sovereignty.

  • Saudi health minister says 1,301 people died during Hajj

    Saudi Arabia’s health minister said on Sunday the death toll during this year’s Hajj pilgrimage reached 1,301. Speaking to state television, Fahd al-Jalajel said that 83 percent of the deceased were pilgrims who had undertaken the journey without the necessary permits.

  • Saudi delegation in US to explore expanding trade and investment opportunities

    A Saudi delegation, headed by the Saudi General Authority of Foreign Trade under the chairmanship of Deputy Governor of the Authority for International Relations Abdulaziz Alsakran, is participating in the 8th Saudi-US Trade and Investment Council Meeting (TIFA), which began in Washington, D.C., on Sunday. Officials from 20 government entities are participating in the event, which will conclude on June 28. The Council aims to monitor trade and investment relations to identify opportunities to further expand trade and investment, as well as to work to remove barriers to trade and investment flows, foster a promising trade and investment environment, and promote economic development between the two countries.

  • Saudi Arabia announces 3-term school year with 8-week vacation

    The 2024-25 academic year will feature a three-term system for public schools, including an eight-week summer vacation, the Saudi Press Agency (SPA) reported. The first term will begin on Sunday, August 18, 2024, the second term will begin on Sunday, November 17, 2024, and the third term will begin on Sunday, March 2, 2025, ending on Thursday, June 26, 2025.