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  • BRICS Gets Boost as Saudi Arabia Joins Group of Emerging Nations

    South Africa’s foreign minister said Saudi Arabia and four other countries have accepted the invitation to join the BRICS club of nations that was extended during a summit last year. Minister Naledi Pandor said that Russia, who takes over as chair of the bloc this year from South Africa, has received written interest from 34 countries who want to join. Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates are now full members, she said. “Argentina has written to indicate that they will not act on this successful application by the previous administration to become full members of BRICS and we accept their decision,” Pandor told a press briefing in the capital, Pretoria, on Wednesday.

  • Saudi Arabia’s non-oil sector grew 4.6 percent in 2023

    Saudi Arabia’s oil sector witnessed a substantial decline of 9.2 percent in 2023 which supported its non-oil sector performance. That is directly influenced by the Kingdom’s commitment to cut crude output in alignment with OPEC+ decisions. In April 2023, OPEC+ agreed to reduce oil output by 1.2 million barrels per day. Moreover, Saudi Arabia extended its commitment to oil cuts until December 2024. The Kingdom also implemented an additional output cut of 1 million barrels per day from June to December 2023.

  • World Defense Show 2024: Kalashnikov to unveil new UAV in Riyadh

    The new SKAT 350 M reconnaissance UAS will be unveiled at the World Defense Show in Saudi Arabia next week. The UAV has been based on the design on the Supercam 350 UAS but features improved aerodynamic properties and ground control system. The platforms have been designed and manufactured by Russia’s Kalashnikov Concern JSC. The SKAT 350 M has been designed for aerial surveillance and detection in optical and infrared ranges with improved payload options.

  • IMF Says Saudi Slump Matched Argentina Among Worst G-20 Laggards

    Saudi Arabia’s economy had one of its steepest contractions of the past two decades after reducing oil output to support crude prices, according to the International Monetary Fund, a slump matched only by crisis-stricken Argentina among the Group of 20 nations. Gross domestic product slipped 1.1% last year, the IMF said in the World Economic Outlook on Tuesday, flipping its previous forecast for a small expansion. While expecting the kingdom to return to growth this year and next, its projection for Saudi Arabia saw the biggest downgrade for 2024 after Argentina in the G-20.

  • IMF Raises Saudi Economic Growth Forecast for 2025

    The IMF, on Tuesday, adjusted its growth forecast for Saudi Arabia in 2024, reducing it by 1.3 percentage points to 2.7%. In contrast, the forecast for 2025 was raised to 5.5%, showing an improvement from previous estimates made in October.

  • Princess Reema defends Saudi Arabia’s right to host women’s tennis tournament

    Saudi Arabia's Ambassador to the United States Princess Reema bint Bandar has addressed criticisms leveled against her country's hosting of the Women's Tennis Association Finals. The ambassador's remarks came as a direct response to an opinion piece in The Washington Post, which she described as laden with "outdated stereotypes and western-centric views."

  • Senate’s Permanent Subcommittee says it will continue to pursue inquiry into Saudi PIF

    In July, the Senate’s Permanent Subcommittee on Investigations held two hearings on the potential deal that would combine the Tour, DP World Tour and LIV Golf, which is owned by the PIF, under a new, for-profit entity called PGA Tour Enterprises. On Monday, senators sent a letter to PIF’s governor informing him “the Subcommittee intends to continue to pursue its inquiry [into the potential deal].” The PIF filed a lawsuit in Saudi Arabia, pushing back on subpoenas that were sent by the subcommittee to multiple firms working with the fund, including Boston Consulting Group, McKinsey & Company, M. Klein and Company and Teneo.

  • Saudis Resume US Defense Talks After Pause From Israel-Hamas War

    Discussions took place in the town of Alula in northwestern Saudi Arabia between de-facto ruler Crown Prince Mohammed Bin Salman and US senators earlier this month, said the people, asking not to be identified due to the sensitivity of the matter. On the agenda was a revival of earlier negotiations about a defense pact that would also have included an historic tie-up between Saudi Arabia and Israel, they said.

  • Saudi Arabia’s economy contracts again, dragged by oil cuts

    Saudi Arabia’s fourth-quarter real GDP fell 3.7% year-on-year, according to flash estimates published by the General Authority for Statistics on Wednesday. That’s a smaller drop than the 4.4% year-on-year slide in the third quarter.

    The drop was attributed to a 16.4% decline in oil activities, while non-oil activities and government activities expanded by 4.3% and 3.1%, respectively, year-on-year. For the full year, Saudi Arabia’s economy shrank 0.9%, according to government data.

  • South Korea’s stunning comeback breaks Saudi Arabian hearts

    It was a case of so near yet so far for thousands of Saudi Arabia fans, whose team faltered in the penalty shootout in their round-of-16 match against South Korea and were knocked out of the AFC Asian Cup 2023. South Korea booked a quarterfinal date with Australia as their dogged display saw them win 4-2 on penalties after the match ended 1-1 following extra time at the Education City Stadium on Tuesday night.