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Borrowing by Arab Governments More than Doubled Last Year as Energy Producing Nations Feel the Pinch
Borrowing by Arab governments more than doubled last year and is forecasted to remain high in 2016, according to the ratings agency Standard and Poor’s (S&P). Last year, Saudi Arabia borrowed $26 billion, and in total, GCC Governments borrowed $40 billion overall. Egypt borrowed the most of any Arab nation with $44 billion. S&P projects […]
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Jadwa Investment Report Finds Inflation at 5-Year High
In a recently released report by Jadwa Investment on inflation in the Saudi economy, the Riyadh-based firm found that inflation in Saudi Arabia had reached a new 5-year high as a result of recent energy price reforms that have increased domestic energy costs. “The inflationary impact of the recent hike to energy prices is […]
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Video: Manifa – The Planning Behind Saudi Arabia’s Complex Offshore Oil Field
Saudi Arabia’s Manifa offshore oil field is a huge development just off of Saudi Arabia’s northeast coast. The field exists in harmony with large underwater areas where wildlife and coral reefs are thriving, and is the size of Manhattan. A video by Saudi Aramco on the company’s YouTube channel highlights the project’s extensive scope and engineering. It is the […]
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Annual SIPRI Report: Saudi Arms Purchases Up 275% in Last 5-year Period as Kingdom Remains Largest U.S. Buyer
Saudi Arabia was the second largest arms importer in the world between 2011 and 2015, and the United States was the world’s largest exporter by far during the same period, according to a comprehensive annual report on arms transfers between states by the Stockholm International Peace Research Institute (SIPRI.) The United States exported 33% of […]
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In Letter to King Salman, Council of Saudi Chambers Chairman Al-Zamil Urges Payments to Construction Firms
Saudi businessman and Chairman of the powerful Council of Saudi Chambers of Commerce (CSC), Dr. Abdulrahman al-Zamil, has written a letter to Saudi Arabia’s King Salman requesting that he intervene to ensure that the government makes delayed payments to construction companies. Some construction firms have seen scheduled payments from the government delayed by over six […]
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How Long Does Saudi Arabia Have Until it Runs Out of Groundwater?
Water supply for the Saudi Arabia is among its foremost challenges. In 2013, SUSTG wrote about the obstacles facing water sustainability for Saudi Arabia. Some experts predicted full water depletion by 2050 if nothing is done. However, a new local study done by the King Faisal University finds that Saudi Arabia’s timetable for water is […]
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Will Saudi Arabia Remove the Requirement for a Local Partner in a Bid to Boost Foreign Investment?
Saudi Arabia, with low oil prices putting the pinch on virtually every corner of the Saudi economy, is pushing hard for foreign entities to invest in Saudi Arabia. This was a theme at the recently-held U.S.-Saudi CEO Summit in Riyadh, Saudi Arabia in January, as well as the Global Competitiveness Forum held in the Saudi […]
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FM Al-Jubeir Blasts Critics of Saudi Arabia’s Counter-Terrorism Efforts: ‘It is in our National Interest to Defeat Terrorism’
Saudi Arabia’s Foreign Minister Adel Al-Jubeir wrote his second op-ed in three weeks in a U.S. publication, this time blasting critics of Saudi Arabia’s counter-terrorism efforts. “Those who accuse Saudi Arabia of supporting violent extremism not only fail to acknowledge the kingdom’s leadership in combating terrorism around the world but also do not see that it is […]
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Saudi Competitiveness, Energy, Women in Focus at 9th Global Competitiveness Forum in Riyadh
The 9th Global Competitiveness Forum (GCF) in Riyadh entered its third and final day with a focus on energy, women in the workforce, and increasing Saudi Arabia’s competitiveness in the global economy. Annually, it is one of the largest business forums in the Kingdom and is well-attended by government, business, and academic leaders from Saudi […]
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Delivery Schedule, Costs Become Sticking Points in U.S.-Saudi Littoral Combat Ship Deal
Saudi Arabia is balking at the potential sale from the U.S. Navy of 4 Lockheed Martin Littoral Combat Ships (LCS) because of concerns about delivery schedules and costs, according to a report in Defense News. One source thought the time to deliver the first ship would be around seven years, which the Saudis reportedly think […]
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Qatar’s population soars to 2.85 million, an 85% jump from 2008
Qatar’s population soared up to 2,857,822 by June 30, 2024, marking a staggering 85.4 percent jump from October 2008’s 1,541,130, as per National Planning Council figures. Recent statistics indicate fluctuating numbers, with peaks recorded earlier this year at 3,128,983 in February and 3,119,589 in March, gradually decreasing to 3,080,804 by May. As of June 2024, the male population stood at 72.4 percent of the total.
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Beijing eyes more investments from Saudi sovereign wealth fund
The mayor of Beijing has told the governor of Saudi Arabia's sovereign wealth fund he hoped the fund would further expand its business in the Chinese capital, state media said on Wednesday. Beijing's diplomatic push to court U.S. ally Saudi Arabia comes amid its frustration over what it sees as Washington's weaponisation of economic policies, nudging it to expand ties with countries in Europe, the Middle East and Africa.
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Power restored gradually in Riyadh neighborhoods after contractor damage
The Saudi Electricity Regulatory Authority clarified that the power outage affecting parts of the Hittin, An Nakheel, Al Aqiq, and Al Ghadeer neighborhoods in Riyadh on Tuesday's night at 8:33 PM was caused by damage to a main power transmission line by a contractor working on a public project unrelated to the Saudi Electricity Company.
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Saudi Arabia drops 2.9 per cent in its Industrial Production Index in May
Saudi Arabia's Industrial Production Index (IPI) experienced a 2.9 per cent year-on-year decline in May this year, according to data released by the General Authority for Statistics (GASTAT). The index dropped to 106.30 points, based on the 2021 base year, down from 109.45 points in May 2023. This decrease was primarily driven by a downturn in mining and quarrying activity, which constitutes 61.4 per cent of the index, according to a report by Saudi financial news portal Argaam.com.
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Saudi Arabia Nets $12.35 Billion From Aramco Share Offering
The final proceeds for Saudi Arabia from the secondary sale of shares in its oil giant Aramco came in at $12.35 billion after the exercising of an over-allotment option, boosting the Kingdom’s total gain from the sale by $1 billion. Saudi Aramco sold last month a 0.64% stake in a secondary offering. Aramco priced 1.545 billion shares on offer in its latest share sale at $7.27 (27.25 Saudi riyals) apiece, based on the results of the book-building process. That was a discount of 6% compared to the closing price of Aramco’s shares on the Saudi stock exchange, Tadawul, on the day before the secondary offering was announced at the end of May. This sale raised $11.2 billion for the Kingdom of Saudi Arabia.
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Expat remittances from Saudi rise 12% to $3.4bn
Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.
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Critical Metals, Obeikan partner to build lithium hydroxide processing plant in Saudi Arabia
The 50/50 JV will be geared towards developing, constructing and operating the plant for the conversion of lithium spodumene concentrate from Critical Metals’ Wolfsberg project in Austria, which, according to Critical Metals CEO Tony Sage, is set to become the EU’s only battery-grade lithium mine by 2027.
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Saudi law graduates to benefit from specialist skills program
Outstanding Saudi law graduates will be receive intensive practical training from a team of specialist advisers as part of a second Future Adviser Program announced on Tuesday by the Center of Legal Studies and Research. The 12-month program aims to qualify young legal talents, and develop their skills in legal and regulatory consultation, as well as legislative drafting. Applicants for the program must be Saudi nationals, recent graduates from the years 2023-2024, and hold a bachelor’s degree in law with an academic GPA of no less than 3.75/5 or 2.75/4 or its equivalent.
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As Boeing struggles, Airbus inks 4-aircraft deal with Saudi Arabia
Saudi Arabia signed a deal with Airbus for an additional four of its A330 Multi Role Tanker Transport (MRTT) on Wednesday in a sign that the French aerospace giant is gaining ground in the Gulf as its US rival, Boeing, struggles. The kingdom ordered four more of Airbus’ A330 Multi Role Tanker Transport aircraft for the Royal Saudi Air Force. The aircraft is used for air-to-air refueling, as well as transport purposes. The aircraft will enter into service in 2027, Airbus said in a statement. The official Saudi Press Agency reported that the order constitutes the kingdom’s third contract for the A330, but did not specify how many of the aircraft are currently in use in the country. Read more: https://www.al-monitor.com/originals/2024/07/boeing-struggles-airbus-inks-4-aircraft-deal-saudi-arabia#ixzz8ffxYbhgt
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Saudi Arabia’s Neo Space Group Appoints Martijn Blanken as New CEO
NSG is a wholly owned company of Saudi Arabia’s Public Investment Fund, the nation’s sovereign wealth fund. NSG will focus on pursuing strategic and commercially feasible space sector opportunities. It will also invest in the most promising new space technology startups and entrepreneurs both in Saudi Arabia and globally. NSG is fully aligned with Saudi Arabia’s Vision 2030 and plans to create a global commercial space communications leader.
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