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  • Property rents soar in Saudi Arabia, analyst report shows
     

    Residential property rents in Saudi Arabia’s main cities have increased by up to 15% in some locations in the first six months of the year. The latest analysis report from real estate consultants CBRE explains that an increasing population and a rapid rise in per capita GDP has led to soaring rents. There has been […]

     
  • Jadwa September 2012 Saudi Chartbook – Inflation
     

    Jadwa Investment’s recently released Saudi Charbook for the month of September 2012 found that the Saudi economic activity in July experienced a “modest slowdown of economic activity…with indicators of consumer spending and PMI slowing on the back of a seasonal trend.” However, Jadwa notes that the “healthy underlying economic momentum remains in place.” Below is a snapshot of […]

     
  • President Obama’s Envoy to Mecca Islamic Summit Shares Views
     

    A little known detail about last month’s Extraordinary Islamic Solidarity Summit in Mecca was the presence of an American diplomat representing President Barack Obama to the 56-member Organization of Islamic Cooperation (OIC). The special summit, which met on August 14-15, 2012, was called by King Abdullah to take up crises, conflicts and serious issues affecting […]

     
  • Saudi real estate market poised for new boom
     

    New programmes and the new mortgage system — approved by the cabinet in July and expected to take force in the next few weeks — will contribute to decreased land prices, realtors said. Land prices are expected to drop by 20%, especially in the central, eastern and western regions, according to realtors. Residential land prices […]

     
  • Jadwa September 2012 Chartbook – Construction Indicators
     

    Jadwa Investment’s recently released Saudi Charbook for the month of September 2012 found that the Saudi economic activity in July experienced a “modest slowdown of economic activity…with indicators of consumer spending and PMI slowing on the back of a seasonal trend.” However, Jadwa notes that the “healthy underlying economic momentum remains in place.” Below is a snapshot of […]

     
  • Mitt Romney on Foreign and Middle East Policy
     

    This [US election] year is different. There is relatively little attention to issues outside America’s borders – only four percent of Americans “consider foreign affairs much of an issue in this year’s campaign” according to Foreign Policy.com.  The sluggish economy – taxes, unemployment, deficits, thorny domestic issues and “personality” questions dominate the campaigns. With the […]

     
  • Saudi per capita water consumption 91% higher than global average
     

    Per capita water consumption in Saudi Arabia is 91 percent higher than the international average, according to a new report by the country’s Saline Water Conversion Corporation (SWCC). Saudi Arabia is the world’s largest producer of desalinated water, accounting for at least 17 percent of the total world output. The Kingdom has invested nearly $25 […]

     
  • Jadwa September 2012 Saudi Chartbook – Real Economy
     

    Jadwa Investment’s recently released Saudi Charbook for the month of September 2012 found that the Saudi economic activity in July experienced a “modest slowdown of economic activity…with indicators of consumer spending and PMI slowing on the back of a seasonal trend.” However, Jadwa notes that the “healthy underlying economic momentum remains in place.” Below is a snapshot of […]

     
  • Shoura Council to appoint 30 women
     

    Saudi Arabia is expected to appoint 30 women on the Shoura Council before the consultative body begins its next annual session. “The expectations are that up to 30 women will be appointed to the Shoura,” sources close to the council told Al-Sharq Arabic daily. The newspaper said that talks have already begun with several institutions […]

     
  • The Island of the Arabs
     

    So in 1954 when Aramco’s New York office decided to produce a feature film about Saudi Arabia and the company’s role in the kingdom, they chose Dick Lyford to direct it. The film called Island of the Arabs begins with the early geologists landing in Jubail and then exploring in the desert. While sitting around […]

     

MUST-READS

  • Saudi Aramco Suspends Two Oil Contractors

    Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension. The other company, Valaris, has also received a suspension for one rig, out of a fleet of 19 that its Saudi subsidiary operates in the kingdom. The contract for the rig was ending at the end of this year, the report noted.

  • Aramco and GCT Semiconductor sign 5G, AI deal in Saudi Arabia

    Saudi Arabian state-owned Oil Group Aramco signed a Memorandum of Understanding (MoU) with chip company GCT Semiconductor to bolster the country’s 4G and 5G ecosystem through the development of mission-critical and public safety networks. While financial terms and the length of the MoU were not disclosed, GCT shared in a press statement that the pair will design and co-develop chipsets and modules for LTE, 5G and NTN spectrum in order to “support the localization of wireless end-user devices and IoT manufacturing.”

  • Solar Spider Targets Saudi Arabia Banks via New Malware

    The sophisticated threat group behind a complex JavaScript remote access Trojan (RAT) known as JSOutProx has released a new version of the malware to target organizations in the Middle East. Cybersecurity services firm Resecurity analyzed technical details of multiple incidents involving the JSOutProx malware targeting financial customers and delivering either a fake SWIFT payment notification if targeting an enterprise, or a MoneyGram template when targeting private citizens, the company wrote in a report published this week. The threat group has targeted government organizations in India and Taiwan, as well as financial organizations in the Philippines, Laos, Singapore, Malaysia, India — and now Saudi Arabia.

  • Saudis Scale Back Ambition for $1.5 Trillion Desert Project Neom

    Saudi Arabia has scaled back its medium-term ambitions for the desert development of Neom, the biggest project within Crown Prince Mohammed bin Salman’s plans for diversifying the oil-dependent economy, according to people familiar with the matter. By 2030, the government at one point hoped to have 1.5 million residents living in The Line, a sprawling, futuristic city it plans to contain within a pair of mirror-clad skyscrapers. Now, officials expect the development will house fewer than 300,000 residents by that time, according to a person familiar with the matter.

  • Hamas says Gaza truce talks still deadlocked despite reports of progress

    A Hamas official said on Monday no progress was made at a new round of Gaza ceasefire talks in Cairo also attended by Israeli, Qatar and U.S. representatives, after the Egyptian hosts said headway had been achieved on the agenda. Western powers have voiced outrage over what they see as an unacceptably high Palestinian civilian death toll and humanitarian crisis arising from Israel's military onslaught to destroy Hamas in tiny, densely populated Gaza.

  • Saudi crown prince meets Pakistani premier, stresses India-Pakistan dialogue

    Saudi Crown Prince Mohammed bin Salman said dialogue was needed to resolve heightened friction between arch-rivals Pakistan and India during a meeting in Riyadh with visiting Pakistani Prime Minister Shehbaz Sharif. Sharif was making his first overseas visit since winning power in elections in February. He met with bin Salman on Sunday. "The two sides stressed the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially the Jammu and Kashmir dispute to ensure peace and stability in the region," a joint statement released by Pakistan's foreign office and the Saudi government said.

  • War in Middle East: Israel Has Responses Ready for Iran Scenarios

    Military officials said on Sunday that Israel is pulling some troops out of the city of Khan Younis in Gaza, saying it had ended its mission there as the war against Hamas reached the six-month mark. Israel said its 98th Commando Division had moved out of Khan Younis and the Gaza Strip “to recuperate and prepare for future operations.”

  • PBOC to Give $69 Billion in Loans to Boost Science, Technology

    The People’s Bank of China said it will set up a relending program of as much as 500 billion yuan ($69 billion) to support innovation and project upgrades in the science and technology sectors. The loans will have an interest rate of 1.75% and a tenor of one year, which can be extended twice for an additional year, according to a statement posted on the PBOC’s website Sunday. The loan quota will be allocated to 21 banks. The refinancing program is set to help small- and medium-sized technology firms in their initial startup and growth stages and provide credit support to high-end projects, it said.

  • PGA Tour — LIV Golf Uneasy Truce Looms Over 2024 Masters

    On the morning of March 18, 2024, a Cessna 750 Citation X departed from St. Augustine, Florida, carrying professional golfers from the PGA Tour to a summit in Nassau, Bahamas. This meeting was a key development in the battle between the Tour and its insurgent challenger, LIV Golf. The tour wars had spilled from the sports page to the business page to the front page because of a juicy mix of geopolitics, cartoonish money, courtroom battles, brand-name protagonists and high-profile trash-talking on Capitol Hill.

  • Wall Street Searches for AI Winners Across Emerging Markets

    Some of the world’s biggest money managers are searching for the next wave of artificial intelligence winners beyond the US. At a time when the global euphoria about AI has propelled a three-fold surge in Nvidia Corp. and a 50% jump in a key US index for semiconductor manufacturers in less than a year, investors are pointing toward emerging markets for better value and a bigger pool of options.