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Vision 2030 economic reforms ‘have started to yield positive results’ in Saudi Arabia, IMF says
The International Monetary Fund (IMF) said that Saudi Arabia’s Vision 2030 economic and social reform plan was starting to pay off for the Kingdom, according to a report issued by the fund after a mission visit. “Economic reforms have started to yield positive results. Non-oil growth has picked-up, female labor force participation and employment have […]
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Bloomberg Economics: Rising Private Sector Spending, Fiscal Stimulus Boost Non-Oil Economy
Rising private sector consumption and government fiscal stimulus measures are expected to give a boost to the non-oil Saudi economy, Bloomberg Economics reports. “BE expects non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption,” the outlet revealed in […]
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Al-Falih Signals ‘Wait and See’ Approach to Trump’s Harsher Iran Oil Sanctions
The recent decision by President Trump to end all Iran sanction waivers by May was welcomed in Saudi Arabia, but the Kingdom indicated it would respond cautiously with decisions on oil production. “President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May,” a White House readout […]
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Saudi-based Telecom Firm Arabsat is SpaceX’s First Commercial Mission, Falcon Heavy Launch Successful
SpaceX’s Falcon Heavy successfully launched its first commercial mission today with Saudi-based telecom firm Arabsat as its customer in a key demonstration for billionaire entrepreneur Elon Musk’s space company in the race to grasp lucrative military launch contracts, Reuters reports and the companies involved confirm. The Falcon Heavy rocket blasted off from Florida’s Kennedy Space Center […]
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Lockheed Clinches $2.4 billion Deal for Sale of ‘Crown Jewel’ THAAD missiles to Saudi Arabia, Part of $15 billion Package
Bethesda, Maryland-based Lockheed Martin Corporation was awarded a $2.4 billion Pentagon contract on Monday for THAAD interceptor missiles, some of which will head to Saudi Arabia, Reuters reports. The announcement of the THAAD system was “part of a $15 billion package for defensive ballistic missile systems,” the UPI reports. Lockheed will provide interceptors and associated one-shot […]
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Saudi Aramco Opens its Books, Officially the World’s Most Profitable Company
State-owned Saudi Aramco is the world’s most profitable firm, eclipsing global heavyweights like Apple and Samsung, according to new data revealed ahead of a major bond issuance. Saudi Aramco’s earnings last year before interests, taxes, and depreciation stands at $224 billion, almost three times as much as Apple. Net income last year was $111.1 billion. The revelation of […]
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WATCH: Adidas Ultraboost Ad Features Young Saudi Women Combatting Fitness Stereotypes
A new inspirational advertisement for Adidas’ popular Ultraboost shoe line features three young Saudi women discussing stereotypes they face and how they overcome them. The ad for Ultraboost trainers features fitness instructor and modest sportswear designer Lojain Alrefae running along the waterfront in Jeddah; Saudi mountaineer Raha Moharrak climbing the rocky ranges near Jeddah and football campaigner […]
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Latest Economic Data Shows Continued Improvement in Saudi Economy, Jadwa Investment Says
Latest economic data from Jadwa Investment’s March 2019 economic chartbook shows more positive signs for the Saudi economy. Economic data reviewed by Jadwa for the month of January showed improvements for the economy, including a 32 percent rise in POS transactions, and a rise in non-oil PMI to its highest level since December 2017, the Riyadh-based bank said. […]
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Saudi Society Debates Keeping Shops Open during Prayer Times ahead of Shoura Consideration
A debate is raging on social media in Saudi Arabia about whether the Kingdom should continue to require by law the closing down of all shops, malls, restaurants, gas stations, and even hospitals during the call for adhan (Islamic prayer) and throughout prayer time, according to media reports. According to Gulf News, Yahya Al Samaan, assistant president of […]
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Looking East, Crown Prince Mohammed bin Salman Arrives in Pakistan
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Pakistan on Sunday for the start of a tour of several Asian nations as the Kingdom looks eastward to strengthen trade relationships and business opportunities. As is usually the case for the highest Saudi royal leaders on state visits, the Crown Prince traveled with a sizable entourage […]
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MUST-READS
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Turkey Presidential Elections 2023: Would Erdogan Peacefully Concede to Kilicdaroglu?
Turkey holds presidential and parliamentary elections on May 14. They could unseat President Recep Tayyip Erdogan and his Justice and Development Party (AKP), who have governed for the past 20 years. In that time, Erdogan and the AKP have left a deep mark on the country—expanding the role of Islam in the traditionally secular state and growing Turkey’s influence abroad. But years of unorthodox economic policy and a deadly February earthquake have undermined confidence in the government, leading many voters to question the reputation for competent administration that has traditionally been central to the AKP’s appeal.
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What role will Middle East play in Ukraine’s post-war reconstruction?
Last month, a joint assessment by Ukraine’s government, the World Bank, the European Commission, and the United Nations estimated that the cost of reconstructing Ukraine is now at $411 billion. Since Russian President Vladimir Putin launched his full-scale invasion in February 2022, Western allies have made a raft of commitments to help rebuild the war-torn state. Italy will host a bilateral conference later this month on funding Ukraine’s reconstruction, while London will host a global conference in June for political and business leaders from all over the world.
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Saudi real estate: Is now a good time to buy? Here’s what you need to know
Saudi Arabia’s booming economy has piqued the interest of many expats looking for a lucrative investment opportunity, with some considering investments in real estate. With new laws coming into force soon that will alter the requirements of foreign homeownership, a real estate expert believes now may not be the best time to invest despite the impending influx of rental-seeking expats into the country as companies rush to set up headquarters in the Kingdom before the year’s end.
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Floating wind power gains traction but can it set sail?
About 80% of the world's offshore wind power potential lies in waters deeper than 60 metres, according to the Global Wind Energy Council (GWEC), meaning floating turbines will be vital for some countries with little space left on land and steep coastal shelves to decarbonise their power sectors. Winds are stronger and more continuous further out to sea so floating turbines can generate more power than those fixed to the seabed near to shore - and they less visible from the coast, reducing the risk of resistance from local communities.
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Where is Tap Water Safe (and Unsafe) to Drink?
According to CDC advice, only 50 countries offer drinkable tap water, most of which are in Europe. In comparison, only three North American countries (the United States, Canada, and Costa Rica) and one South American nation (Chile) have drinkable tap water. Every African country and most countries in parts of Asia and Oceania (including China and the Philippines) lack safe water.
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Why Saudi Arabia Transfered 4% of Aramco Shares to PIF Subsidiary?
The transfer will also solidify PIF’s strong financial position and credit rating. The Crown Prince also pointed out that the State will remain Saudi Aramco's largest shareholder following the transfer, with total ownership of (90.18%) of the company’s shares. He concluded that PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market.
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Explainer: What’s behind Sudan’s crisis?
Tension had been building for months between Sudan's army and the paramilitary Rapid Support Forces (RSF), which together toppled a civilian government in an October 2021 coup. The friction was brought to a head by an internationally-backed plan to launch a new transition with civilian parties. A final deal was due to be signed earlier in April, on the fourth anniversary of the overthrow of long-ruling autocrat Omar al-Bashir in a popular uprising.
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How Viable Is Russia and Iran’s ‘Sanctions-Evasion’ Corridor?
Corridor countries are investing heavily in the enterprise, Russia and Iran reportedly to the tune of $25 billion. The first shipments began last year – the annual cargo transit target 30 million tonnes by 2030. But there are big obstacles.
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Is Oman’s hard work with Yemen and Saudi Arabia paying off?
Although the public still does not know much about the pending agreement, sources have indicated that it may include a six-month ceasefire, a reopening of borders and ports, payment of salaries for Yemenis across the country, reparation and compensation measures, and a withdrawal of all foreign forces from Yemen before a political process begins.
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What were the world’s busiest airports in 2022?
Atlanta’s Hartsfield-Jackson airport retained its spot as the planet’s busiest airport in 2022, according to new data from ACI World. The Georgia hub transported nearly 93.7 million passengers last year, though its traffic is still about 15% lower than pre-pandemic levels.
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