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  • The U.S. Election and the Saudi Economy

    Given its central role in the global economy, what happens in the United States is of great importance to the rest of the world. Saudi Arabia is no exception given its close ties to the United States, central role in the global oil market, and long-standing exchange rate peg (along with the other Gulf Cooperation Council countries except Kuwait) to the U.S. dollar, which allows it to benefit from the credibility of U.S. monetary policy. Economic studies have highlighted that the health of the U.S. economy is an important determinant of Saudi economic growth.

  • Saudi’s huge influx of megaproject workers prompts creation of new housing company

    The PIF said it was establishing the Smart Accommodation for Residential Complexes Company (SARCC), a property developer and operator of housing for staff on major construction and development projects across the Kingdom. PIF said it would support infrastructure and services linked to construction and real estate projects across Saudi Arabia, including: Roshn Group, a real estate developer in charge of delivering 400,000 homes across Saudi Arabia by 2030; Saudi Downtown Company, which is in charge of 12 mixed-use projects across 11 regions of the Kingdom; and New Murabba Development Company, which is building The Mukaab, a huge 400m tall and 400m wide cube city as a centrepiece of a new downtown in Riyadh.

  • New Saudi methodology doubles 2023 FDI inflow

    The new figure, published in a Ministry of Investment report, uses a methodology that the Ministry first published in November 2023. That new system quadrupled the 2022 figure to $33 billion from $8 billion. It was not clear why the statistics authority had not been using this methodology, which the investment ministry says looks in detail at individual financial statements based on International Monetary Fund recommendations.  This week the Statistics Authority issued an FDI report for 2023 that now aligns its figures with those of the Ministry of Investment.

  • Saudi and Iran hold joint naval drills in Sea of Oman and plan Red Sea exercises

    Yesterday the official Iranian news agency ISNA reported that the former foes are planning further joint military drills in the Red Sea quoting Iran’s Navy Commander Admiral Shahram Irani as saying: “Saudi Arabia has requested that we have a combined exercise in the Red Sea.” However, Al-Malki has clarified that no other exercises are currently under consideration.

  • Saudi Arabia’s Red Sea Film Festival Unveils ‘Festival Favorites’ Lineup, Including U.K. Oscar Contender ‘Santosh’

    Saudi Arabia’s Red Sea Film Festival has unveiled a first batch of titles that will screen as part of its “Festival Favorites” lineup, showcasing the cream of the international fest crop for Arab audiences. Besides including recent Cannes standouts such as Sandhya Suri’s crime thriller “Santosh” (pictured) –which will represent the U.K. in the international Oscars race — and Chinese auteur Guan Hu’s noir “Black Dog,” this year’s selection has a strong accent on titles from Africa and the Arab world.

  • Saudi Oil Export Revenues Hit Three-Year Low as Prices Decline

    Lower crude oil prices dragged Saudi Arabia’s oil export revenues to the lowest level in more than three years in August, amid underwhelming oil demand and continued supply constraints from the world’s top crude exporter. The value of Saudi Arabia’s oil exports in August 2024 stood at $17.4 billion (65.3 billion Saudi riyals), down by 15.5% from $20.6 billion (77.3 billion riyals) in August 2023, data from the Kingdom’s General Authority for Statistics showed on Thursday.

  • READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Finance Minister Mohammed Al-Jadaan of Saudi Arabia

    Secretary of the Treasury Janet L. Yellen met with Finance Minister Mohammed Al-Jadaan of Saudi Arabia. Secretary Yellen reaffirmed Treasury’s long-standing and close partnership with Saudi Arabia and discussed with the Minister the outlook for Saudi Arabia’s economy and its reform and development plans. The Minister and Secretary Yellen committed to continue working together in both bilateral and multilateral settings and on combating the financing of terrorism and money laundering.

  • Saudi Arabia’s Top Female Freediver Breaks National Record in Greece

    Saudi Arabia’s top female freediver Nada Mohammed Alrasheed has achieved a remarkable success breaking the national record of the World Freediving Depth Championship in Kalamata, Greece, on Oct 6. “It was a mix of emotions, relief, joy and an overwhelming sense of accomplishment. In those moments after surfacing, the weight of all the training, discipline and effort becomes real. There’s a brief silence before the celebrations begin, and in that quiet, I really felt the magnitude of the achievement,” Alrasheed told Arab News.

  • In collaboration with Transport General Authority: first hydrogen-powered taxi pilot project launched in Saudi Arabia featuring Toyota Mirai

    The Transport General Authority (TGA), Abdullah Hashim Industrial Gases & Equipment (AHG), Abdul Latif Jameel Motors, the authorized distributor of Toyota vehicles in Saudi Arabia since 1955, and Toyota Motor Corporation (TMC) have launched a seven-day trial of the Toyota Mirai, a cutting-edge, hydrogen-powered fuel cell electric vehicle (FCEV), as part of a taxi fleet in Jeddah. A first-of-its-kind in Saudi Arabia, the initiative commenced on 20 October and is aimed at assessing the viability of hydrogen as a zero-emission fuel source for Saudi Arabia’s public transportation system, furthering the Kingdom?s ambitions for sustainable and environmentally friendly transportation solutions.

  • China’s Rise in Iraq’s Energy Sector: From Newcomer to Dominant Player

    Chinese energy companies emerged as dominant players in the Iraqi Oil Ministry’s May licensing rounds to auction 29 oil and gas blocks, securing 10 out of 13 oil and gas blocks. Shell was the only Western international oil company to participate, and it did not win any bids. Other Western and U.S. international oil companies showed no interest in bidding, despite improved fiscal terms of the contracts. The resounding success of Chinese firms underscores a significant shift, solidifying Beijing’s already strong position in Iraq’s energy landscape and presenting a substantial challenge to Washington’s strategic position in the region.