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  • PIF Launches Plans to Build Amaala, a Brand New ‘Ultra-Luxury’ Tourist Destination to Compete with Riviera
     

    Saudi Arabia’s Public Investment Fund (PIF) has announced the launch of Amaala, set to become an uber-luxury destination on the northwestern coast of Saudi Arabia that the Kingdom hopes will compete with the French Riviera for tourism dollars when completed. Amaala is a new 3,800 square kilometer project that aims to create an all-new concept […]

     
  • Uptick in Saudi-Pakistan Relations Following Visit of New PM Khan to Riyadh
     

    New Pakistani Prime Minister Imran Khan visited Saudi Arabia this week for meetings with high-level Saudi officials to discuss trade and diplomatic issues. Khan met directly with King Salman and Crown Prince Mohammed bin Salman during his visit. As a result of the Prime Minister’s meetings, Pakistan has reportedly invited Saudi Arabia to become the third […]

     
  • Saudi private-sector growth in August is fastest this year: PMI
     

    Growth in Saudi Arabia’s non-oil private sector edged up in August to its fastest rate this year, according to reports, “suggesting a long-awaited recovery of the economy may have begun.” The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.1 last month from 54.9 in July; a level above 50 indicates expansion, Reuters […]

     
  • Saudi Arabia’s PIF Seeks $11 Billion Loan, FT Reports
     

    Saudi Arabia’s Public Investment Fund (PIF) is set to choose international banks to lend the wealth fund $11 billion, according to a report in the London-based Financial Times. The FT reports that there is strong interest from major international lenders in participating in the loan to the PIF, including “[s]ome of the most senior names in international banking, including JPMorgan’s Jamie Dimon, Morgan […]

     
  • 2.3 Million Attend Hajj in Saudi Arabia
     

    An estimated 2.3 million pilgrims reassembled in Mina on Tuesday in celebration of the Eid Al-Adha with the rest of the Islamic world, as part of the annual Hajj pilgrimage, a 5-day journey to the holy city of Mecca in Saudi Arabia. The pilgrimage represents one of the five pillars of Islam and is required of all able-bodied […]

     
  • Saudi Aramco Weighs Global Bond Sale to Finance Purchase of Sabic Stake from PIF
     

    Saudi Aramco is considering tapping the international bond market for the first time, Bloomberg and the WSJ report, in order to finance the acquisition of petrochemical giant Sabic. The move into global capital markets could offer an alternative to an initial public offering, according to Bloomberg, citing people familiar with the talks. ‘The plans for a bond, […]

     
  • Jadwa Investment Raises Projected Economic Growth in Saudi Arabia to 2.2% in 2018
     

    Saudi Arabia’s economy is forecast to grow faster this year following a significant improvement in the global oil market, according to a recently released report by Riyadh-based Jadwa Investment. Jadwa Investment raised its forecasts for the Saudi Arabian economy’s growth in 2018 to 2.2%, compared with previous estimates for a growth rate of 1.5%. Jadwa expects Saudi production […]

     
  • Saudi Women Take the Wheel as Kingdom Marches to More Vibrant Society
     

    Saudi women exercised their new legal right to drive across the Kingdom for the first time in decades this weekend, with many taking to social media to document their experience. The new law allowing women to drive took effect on June 24th, with some newly licensed women drivers in the kingdom doing so right at […]

     
  • In Win for Saudis, OPEC Agrees On ‘Modest’ Increase in Oil Production
     

    The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday on a modest increase in oil production from July, Reuters reports, after its de-facto leader Saudi Arabia “persuaded arch-rival Iran to cooperate” amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. The increase followed days of […]

     
  • Report: Saudi Binladin Group (SBG) to be Renamed and Resized after Rough Decade, Graft Allegations
     

    The one time leader in Saudi Arabia’s construction market, Saudi Binladin Group, will be slimmed down and renamed, according to an exclusive Reuters report, which cited six sources familiar with the matter. The government seized management control of the construction giant from the chairman and other family members after they were detained in anti-graft arrests last […]

     

MUST-READS

  • Saudi Arabia Plans To Allow More I.A.E.A. Oversight Of Nuclear Facilities

    The I.A.E.A.’s S.Q.P. allows developing states, specifically countries with little or no nuclear material, to be exempt from many standard inspections and transparency requirements. The I.A.E.A. defines the C.S.A. as a legally binding commitment with multiple safeguards in place to monitor countries’ nuclear materials and conduct surprise inspections and verification to ensure “nuclear material remains in peaceful activities.” C.N.B.C. reported that Saudi Arabia’s pledge to stop using the S.Q.P. seems to encourage greater nuclear and atomic oversight by I.A.E.A. inspectors, which may be crucial as the Kingdom makes efforts to be a larger player in the global theater.

  • Nearly 10 Billion SAR Spent By Visitors In Saudi During First Half of 2024

    The Ministry of Tourism announced a massive 8.2% jump in spending by foreign visitors in the first half of 2024 compared to last year. Plus, there’s a travel account surplus of SR41.6 billion! This surge in spending is just part of the Kingdom’s exciting tourism boom. Saudi Arabia even topped the G20 list for growth in international visitors and tourism revenue during the first seven months of 2024, beating 2019 levels, according to the UN World Tourism Organization.

  • Saudi Arabia Raises Asia Oil Price as Volatility Grips Market

    State producer Saudi Aramco increased the official selling price of its main Arab Light crude grade by 90 cents to a premium of $2.20 a barrel against the regional benchmark for buyers in Asia, according to a price list seen by Bloomberg. The company was expected to boost the premium by 65 cents a barrel, according to a survey of traders and refiners.

  • New $100 Million Saudi Film Fund Chief Talks Need for Investments in Production and Infrastructure

    Saudi Arabia in September launched a $100 million film fund aimed at attracting investments from global film studios to help fuel the kingdom’s rapidly growing local film industry. The Saudi Film Fund – as the fund is known – sees Saudi’s Cultural Development Fund making a 40% investment in collaboration with investment bank MEFIC Capital and specialized holding company Roaa Media Ventures, which is its technical partner.

  • Countdown to Middle East war? How the region can step back from the brink

    With Israel poised to attack Iran, having already blindsided friends and foes alike with its blitz against Lebanon's Hezbollah movement, all the talk is of an inexorable slide towards a new, pan-Middle Eastern war. Yet brakes remain to halt a regional fall into a wider conflagration that would lock Israel and Tehran into escalating conflict and suck in other nations, according to several people with experience in intelligence and military decision-making.

  • Saudi Arabia launches insurance for expat dues

    Saudi Arabia’s Ministry of Human Resources and Social Development (HRSD), in cooperation with the Insurance Authority (AI), launched an insurance product to cover the dues of expatriate workers employed in private sector firms facing financial difficulties. The initiative aims to protect workers and mitigate the impact of not receiving their financial rights in the event that companies are unable to meet payroll obligations for a specified period.

  • Secretary Blinken’s Call with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud

    Secretary of State Antony J. Blinken spoke today with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud.  The Secretary and the Foreign Minister discussed the need for full implementation of UN Security Council Resolution 1701 to allow for the return of civilians on both sides of the Israel-Lebanon border to their homes.  They noted ongoing efforts to fund and support the Lebanese Armed Forces and the importance of international support for UNIFIL.  They also discussed the urgent humanitarian situation in Lebanon and response efforts, including the recent U.S. announcement of nearly $157 million in assistance.

  • Saudi Arabia’s Almarai reports 17% jump in Q3 profit on revenue boost

    Saudi Arabia’s Almarai, the Middle East’s largest dairy company, reported a 17 per cent annual rise in its third-quarter net income, as revenue grew on the back of higher sales of food and dairy products. Net profit for the three months to the end of September climbed to 570.5 million Saudi riyals ($152 million), the company said in a bourse filing on Sunday to the Saudi stock exchange Tadawul, where its shares are traded.

  • Saudi Arabia Releases Next Round of Tenders For Wind And Solar Projects

    Through the NREP, Saudi Arabia is pursuing a structured plan to diversify local energy sources. Since the start of the program, projects with a total capacity of 19 GW (19,000 MW) have been awarded so far. Further tenders, such as the tender for new wind and solar parks announced in September, are intended to give the expansion an additional boost. The aim is to generate 50 percent of electricity from renewable energies by 2030.

  • Hill International secures PMC contract for key Saudi airports

    Hill International has been awarded a major contract by Dammam Airports Company (DACO) to provide project management consultancy services for multiple improvement projects at its key projects - King Fahd International, Al Ahsa International and Al Qaisumah International (AQI) airports. Announcing the key contract, Hill International said the majority of its PMC work will support operations at King Fahd International Airport.