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  • Study finds ’80 more years of Saudi oil at current production levels’
     

    Saudi Arabia, the biggest oil producer in the world with a proven reserve of 264 billion barrels, could continue oil supplies for the next 80 years at the current production levels, the Kuwait-based Diplomatic Center for Strategic Studies (DCSS) said in a study. Saudi Arabia retains 38.7 percent of world oil reserves whereas the shares […]

     
  • Why Saudi Arabia’s Travel and Tourism Sector Is Ripe for Growth
     

    Saudi Arabia’s travel and tourism sector is poised for rapid growth in the next decade and beyond, and both Saudi and international corporations are looking to cash in on the opportunities ahead. A product of the changing economic and social landscape in Saudi Arabia, the coming tourism boom is likely to contribute to the Kingdom’s […]

     
  • Saudi, UAE, Qatar top Cleantech list
     

    Saudi Arabia, the UAE, Qatar and Jordan are the most attractive markets for clean technologies, thanks to their government plans, budgets and long-term strategies, said a report by Ernst & Young. These countries have also demonstrated investments in large initiatives such as KACARE, Masdar and the ‘Green’ Fifa World Cup 2022, said E&Y in the […]

     
  • Saudi Mortgage Law Approved – Jadwa Flash Note
     

    Jadwa Investments released a flash note discussing the recently approved mortgage law in Saudi Arabia, which the bank believes “is a very important step in broadening home ownership.” The new mortgage law “will help to tackle one of the most pressing social issues for many in the Kingdom and will generate significant benefits to the economy. However, […]

     
  • The Ritz-Carlton in Riyadh is Arguably the World’s Nicest Hotel
     

    If you look at pictures of the new Ritz Carlton, it might not look like it belongs in Riyadh, the capital of Saudi Arabia. Not because the arguably world’s nicest hotel isn’t worthy for the Kingdom, but because the style of the hotel makes it look like a king’s palace in old Europe, with a […]

     
  • Sulaiman Al-Rajhi’s life a rags to riches story
     

    Al-Rajhi is a billionaire who chose last year to become a poor man at his own will without having any cash or real estates or stocks that he owned earlier. He became penniless after transferring all his assets among his children and set aside the rest for endowments. In recognition of his outstanding work to […]

     
  • How Oil Has Driven Global Conflict For The Past 100 Years
     

    Michael T. Klare recently gave a presentation titled “The Geopolitics of Oil: Old and New” at the Association for the Study of Peak Oil conference in Vienna, in which he speaks about how no other substance in the world is as closely aligned with geopolitics as oil is. Klare describes the geopolitics of oil — the intersection […]

     
  • Hoteliers Expand in Saudi Arabia as Mecca Goes Upscale
     

    “I wish I could have more hotels in Mecca,” said Jan Smits, InterContinental’s chief executive officer for Asia, Middle East and Africa. “In four months, you make 70 percent of your income. It’s a really strong market and it’s one of the most unique in the world.” The company has been in the country since […]

     
  • The problem with taxing foreign-earned income
     

    Eritrea is one of only two countries in the world that applies citizenship-based taxation in addition to residence-based taxation.  The other? The United States of America. In fact, the US is the ONLY industrialized country in the world to impose citizenship-based taxation. The immediate result for American expatriates is a blizzard of confusing and complex […]

     
  • Saudis allow women to compete
     

    Saudi Arabia is to allow its women athletes to compete in the Olympics for the first time. Officials say the country’s Olympic Committee will “oversee participation of women athletes who can qualify”. The decision will end recent speculation as to whether the entire Saudi team could have been disqualified on grounds of gender discrimination.

     

MUST-READS

  • Goldman Sachs first Wall Street bank to get green light for Saudi Arabia HQ

    Goldman Sachs has reportedly become the first Wall Street bank to obtain a license to open a regional headquarters in Saudi Arabia, as the kingdom deepens its financial markets amid sweeping economic reforms. The US-headquartered investment bank received a license from the Saudi Ministry of Investment to set up its regional headquarters in Riyadh, the capital, Bloomberg reported Thursday.  

  • Saudi Arabia provides Jordan with equipment for airdrop of relief supplies in Gaza

    Saudi Arabia, represented by the King Salman Center for Relief and Humanitarian Aid (KSrelief), has supplied equipment and tools to Jordan, represented by the Jordanian Hashemite Charitable Organization, to be delivered to the Jordanian Hashemite Armed Forces (Arab Army) and relevant authorities. This is aimed to support the humanitarian efforts made by Jordan to deliver aid to the Gaza Strip to alleviate the severity of the humanitarian conditions prevailing there, by providing parachutes and nets designated for airdrops of humanitarian aid weighing 30 tons.

  • U.S. Conducts Large-Scale Logistics Exercise With Saudi, Emirati Partners

    The U.S. Marine Corps-led Native Fury 24 — an exercise that's in its ninth iteration this year — put combined, joint interoperability to the test through a series of complex logistics maneuvers, dynamic combat training evolutions, and convoys spanning more than 1,000 miles across two countries. More than 600 Marines, soldiers, sailors and airmen and took part in Native Fury 24 alongside their partner nation counterparts. This year marked the first time the exercise has featured bilateral operations with both the Royal Saudi Armed Forces and United Arab Emirates Armed Forces.

  • Pepsi takes over the world of football with the ROSHN Saudi League closing ceremony

    The Party with Pepsi event, curated by Saudi’s music amplifiers, MDLBEAST, will be an unprecedented spectacle of light, sound and celebration, intertwining the excitement of football with the universal language of music and creating a platform where athletic passions and musical creativity collide.

  • Saudi Arabia Wants Airbus & Boeing To Help Get Kingdom’s Aluminum & Titanium On Planes

    On May 20th, 2024, the government of Saudi Arabia announced that it is now working in collaboration with manufacturing giants Boeing and Airbus to get aluminum and titanium from Saudi mines approved for use in their commercial aircraft. The move comes as the two major planemakers face increasingly problematic supply shortages, including difficulties securing several lightweight metals, including aluminum and titanium.

  • US Strengthening Defense Cooperation With GCC States: Navigating Prospects And Challenges

    The triggering event for this intensified collaboration was the April 13 Iranian attack on Israel, a stark wake-up call to the volatile environment engulfing the Middle East. This incident catalyzed a reevaluation of defense capabilities and reignited a commitment to deeper integration among regional partners. Shapiro’s assertion that the attack acted as a catalyst for enhanced cooperation on integrated air and missile defense underscores the transformative power of shared security challenges in fostering unity among allies.

  • GCC debt capital market grows 7 percent to $940 billion in Q1 2024: Fitch

    The Gulf Cooperation Council’s (GCC) debt capital market (DCM) saw a 7 percent increase to $940 billion by the end of Q1 2024, reported Fitch Ratings in its latest statement. The company forecasts the market to maintain growth this year and the next as it steadily approaches $1 trillion. However, it expects growth to be slower in the quarters following Q1.

  • Saudi Arabia Eyes Full Partnership On Future Fighter

    The kingdom aims to be “an equal partner” in any sixth-generation fighter program, Maj. Gen. Hamed Alamri, director of Joint Chiefs of Staff and chairman of the Committee on Future Capabilities of the Armed Forces for the Saudi Air Force, said May 21. “Saudi Arabia seeks to become a global innovator, not just a customer,” he told an event at the Royal Aeronautical Society here.

  • Saudi delegation heads to China without Crown Prince due to king’s illness – sources

    Two other people briefed on the visit said that Crown Prince Mohammed Bin Salman, the kingdom's prime minister and de facto day-to-day ruler, had been expected to lead the delegation to China after the Japan visit. He will, however, stay in Riyadh after his elderly father, the king, underwent medical treatment in Saudi Arabia for lung inflammation, which already made the crown prince postpone the May 20-23 Japan trip.

  • Behind scenes of Israel-Saudi deal, Pentagon works Arab air defense shield

    The department’s top Middle East policy chief, Dan Shapiro, along with officials from CENTCOM and the Joint Staff, are leading the discussions with military representatives from all five Gulf Cooperation Council countries for the second annual round of defense working group meetings in the Saudi capital.

    Read more: https://www.al-monitor.com/originals/2024/05/behind-scenes-israel-saudi-deal-pentagon-works-arab-air-defense-shield#ixzz8b3XkAeuS