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No Big Outflow of Money from Saudi Arabia Yet as U.S. Treasury Monitors Situation – Reports
There has been no big outflow of money from Saudi Arabia as a result of the sweeping anti-corruption crackdown that was announced two weeks ago, according to central bank governor Ahmed Al-Kholifey. In comments made to CNN and reported in Reuters, Al-Kholifey said Saudi Arabia is seeing “some increase, but it’s not that much,” and […]
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Trump Tweets U.S. Interest for Aramco IPO, but can the NYSE Compete?
President Donald Trump used his Twitter account to encourage Saudi Arabia to list shares of Saudi Aramco on the New York Stock Exchange (NYSE) as markets around the world compete for the sought-after listing. “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United […]
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Saudi Arabia Takes Significant Step Toward Formal Tender for Peaceful Nuclear Power Plants
Saudi Arabia has sent a request for information (RFI) to international suppliers to build two nuclear power plants, a first step towards a formal tender, three sources told Reuters. Saudi Arabia has announced plans to extract uranium domestically as part of its nuclear power program and will start building its first nuclear reactors next year. Extracting […]
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Saudi Arabia Allows Foreign Investors into Local IPOs, Hopes to List Aramco on Tadawul
Foreign investors are now able to participate in initial public offerings (IPO) on companies listed on the Nomu (parallel) market in Saudi Arabia, according to reports based on comments from Saudi Arabia’s Capital Market Authority (CMA) chairman Mohammed El Kuwaiz. El Kuwaiz said Thursday that foreign investors can take part in company flotations when asked about the […]
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Keeping Track of Saudi Arabia’s Public Investment Fund’s Expanding Footprint
Saudi Arabia’s Public Investment Fund (PIF) has created a handful of new companies in several sectors in the Kingdom while investing in many others, injecting capital and a new competitor in the housing, energy, waste and recycling, tourism, transportation sectors and more. As the PIF’s role in the Saudi economy increases, critics say the mega-fund will crowd out private […]
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The Impressive New Cranes Custom Built to Make the World’s Tallest Building in Saudi Arabia
A video posted to YouTube shows the impressive array and implementation strategy for the custom cranes that will build the world’s tallest building in Jeddah, Saudi Arabia. The Kingdom Tower Jeddah is set to be the world’s tallest skyscraper when construction is completed, soaring up to 1 KM (almost 3,300 feet). The original design was to be one-mile-high […]
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Saudi Arabia to Get New Bankruptcy Law Next Year, Al-Qassabi Says
Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Reuters reports, citing Saudi-owned broadcaster Al Arabiya which aired comments from Minister of Commerce and Investment Dr. Majed Al-Qassabi. “(The) bankruptcy law has been passed to the Shura Council and […]
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Saudi Arabia’s ‘Third Rail’ No More? Kingdom Eyes Ambitious Energy Subsidies Cuts By November 2017, Report Says
Energy subsidies have long been a significant drag on the Saudi economy on numerous fronts, but as Vision 2030 reforms move ahead, Saudi Arabia is reportedly eyeing further cuts to its domestic energy subsidy program, long a third rail for Saudi domestic politics. According to a Bloomberg report, the government will aim to phase out “subsidies for gasoline and jet […]
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New York Times Profiles New Saudi Ambassador to the U.S. Prince Khaled bin Salman
The New York Times published a profile and interview with Saudi Arabia’s new Ambassador to the United States Prince Khaled bin Salman and the significant role the young prince will play in the U.S.-Saudi diplomatic and economic relationship. Prince Khaled, who is brother of the Crown Prince Mohammed bin Salman and son of King Salman, […]
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Ambassador Prince Khaled bin Salman Phones Tex. Gov Abbott to Express Saudi Support after Harvey as Students Pitch In
Saudi Arabia’s Ambassador to the United States Prince Khaled bin Salman telephoned Texas Governor Greg Abbott to confirm that Saudi Arabia supports the American people following the disaster of Hurricane Harvey. Harvey, which flooded many parts of Texas and Louisiana and caused dozens of deaths and billions in damage, was one of the worst storms to […]
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MUST-READS
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Saudi Arabia salary guide 2023: How much should you be earning?
“We’re still seeing a significant number of professionals looking to either grow within their organisations or switch jobs in 2023, many driven by the desire for bigger salaries as the global cost of living goes up,” says Ali Matar, head of LinkedIn Mena and EMEA growth hub. “Workforces clearly know their value within the job market and are taking charge of their career by investing in new skills. It’s clear that since the pandemic, professionals have become much more resilient and we’re seeing this in their confidence to tackle the year ahead.”
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What’s Next for the Saudi Regional Headquarters Program?
On January 6, the Saudi Ministry of Finance issued a new set of controls sharply limiting the ability of Saudi government agencies to do business with multinational companies that do not have regional headquarters in Saudi Arabia. The controls, which will enter effect on January 1, 2024, allow for only very narrow exemptions.
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Inside story: Will visit to Iran reconcile Iraq’s divided ‘Shiite House’?
When the Sadrist Movement in early January called for a mass “unified Friday prayer,” there was some consternation among observers. As the movement’s leader—Shiite cleric and politician Muqtada Al-Sadr—last year declared his exit from Iraqi politics, there was cautious anticipation of something major potentially being about to unfold. Yet the Jan. 13 prayer was held peacefully in Baghdad and most southern governorates, except for Basra which was hosting the Arabian Gulf Cup.
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Ben-Gvir’s controversial new position angered the Arab world. But how will it impact a potential peace deal with Saudi Arabia?
Although Netanyahu might be dreaming of rapprochement with Saudi Arabia—and possibly winning the Nobel peace prize—Ben Gvir and his followers are eyeing a different kind of gain: promotion of the freedom of worship for the Jews on Temple Mount, settlement expansion, and the curtailing of human rights organizations in the West Bank. The end goals of the prime minister and the minister of national security couldn’t be more different.
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SEVEN Saudi Arabia: What to Expect From the Mega Entertainment Hub in Tabuk?
The US-based architecture firm Gensler created the recreational destination for SEVEN, which will be located on a land area of 40,000 square meters and more than 72,500 square meters of built-up space.
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When will Saudi Arabia’s The Red Sea development open and what can travellers do there?
While the exact opening date has yet to be announced, the first phase of The Red Sea is on track to launch later this year when at least three hotels, the region's new airport and some tourist experiences will open.
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When will Saudi Arabia’s The Red Sea development open and what can travellers do there?
While the exact opening date has yet to be announced, the first phase of The Red Sea is on track to launch later this year when at least three hotels, the region's new airport and some tourist experiences will open.
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Has Ukraine joined Israel’s undeclared war with Iran?
Tehran has not officially assigned blame for the drone strike in the central city of Isfahan. However, speaking on condition of anonymity, a high-ranking political source in the Iranian capital indicated to Amwaj.media that Ukraine has been brought up as among the potential culprits.
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Egypt’s Sisi kicks off visit to India. What can we expect?
Egyptian President Abdel Fattah el-Sisi has kicked off a three-day visit to India to shore up relations with a historic ally, as Cairo grapples with a severe economic crisis and looks east for financial relief. The two sides are expected to sign a range of agreements that include boosting trade, agriculture, technology and defence, culminating in Sisi being welcomed as a guest of honour for India's 74th Republic Day celebrations on 26 January.
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Explainer: Why is Turkey blocking Swedish and Finnish NATO membership?
Swedish and Finnish hopes of quickly joining NATO have run into an obstacle in the form of objections by Turkey, which holds veto powers over accession to the military alliance. The three nations reached an agreement on how to proceed in Madrid last June, but Turkish President Tayyip Erdogan has said Sweden, in particular, is not keeping its side of the bargain.
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