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  • Unemployment Unchanged in Saudi Arabia in Latest Labor Market Report
     

    Unemployment in Saudi Arabia remained unchanged in the latest government estimated figures, according to a recently released report by Jadwa Investment on the Saudi labor market. The latest General Authority for Statistics (GaStat) labor market release for Q2 2018 shows that unemployment rate remained unchanged, at 12.9 percent, for the second consecutive quarter. However, the […]

     
  • Special Economic Zone Created at Riyadh Airport to Attract Investment; New Jazan Project Launched
     

    Saudi Arabia announced the establishment of a special economic zone around Riyadh’s airport to draw more foreign investment, Reuters reports, citing the Saudi Press Agency (SPA). The zone, which will be located in King Khalid International Airport in Riyadh, will “focus on integrated logistics and enjoy special rules and regulations aiming at attracting more multinational companies […]

     
  • Secretary of State Mike Pompeo Visits Saudi Arabia, Meets with King, Crown Prince
     

    US Secretary of State Mike Pompeo held separate talks with King Salman and Crown Prince Mohammed bin Salman on Tuesday in Riyadh as the situation over missing journalist Jamal Khashoggi continues. According to CNN, Pompeo had a short discussion with King Salman before a longer meeting with Crown Prince Mohammed bin Salman. US State Department spokeswoman Heather […]

     
  • IMF Lifts Projections for Economic Growth for Saudi Arabia
     

    In its World Economic Outlook, the International Monetary Fund (IMF) on Tuesday lifted its projections for economic growth in Saudi Arabia, the region’s biggest economy, and its oil-rich neighbors in the Gulf – while also predicting that Iran’s economy will suffer due to renewed US sanctions. The Saudi economy is expected to grow by 2.2 percent […]

     
  • Bloomberg Lands Another Wide-Ranging Sit-Down Interview with Crown Prince Mohammed bin Salman
     

    Bloomberg‘s reporting team in Saudi Arabia landed another wide-ranging sit down interview with Saudi Arabia’s Crown Prince Mohammed bin Salman, revealing the powerful leader’s thinking on many issues from Vision 2030 to the Saudi Aramco IPO and others. Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists sat down with the […]

     
  • Kingdom’s Finances Trending Positively as Higher Oil Enables Government to Increase Spending by 7% in 2019
     

    Saudi Arabia’s Minister of Finance told reporters in Riyadh on Sunday the Kingdom would accelerate state spending next year in what he hopes will be a clear message to the private sector that the government is determined to support economic growth, according to reports. Saudi Arabia may spend SAR 100 billion ($26.6 billion) more than originally planned in 2019 […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia eyes BPCL refinery investment in India

    Saudi Arabia is considering investment opportunities in Indian Government-backed Bharat Petroleum Corporation Limited’s (BPCL) new refinery project, reported Moneycontrol, citing sources. Following the unsuccessful attempt to establish a 60 million tonnes per annum (mtpa) refinery in Ratnagiri, Maharashtra, India's Oil Minister, Hardeep Singh Puri, suggested in May 2023 that the country should consider constructing smaller refineries to circumvent land acquisition challenges.

  • Saudi Arabia’s adoption of fintech makes it an ideal DeFi hub, experts say

    “The financial sector here is heavily reliant on traditional intermediaries, with limited access to financial services for many citizens. DeFi can change this by providing decentralized financial services accessible to everyone, regardless of their location or financial status,” he told Arab News. DeFi can facilitate affordable and accessible services such as lending, borrowing, and investing, and enhance cross-border transactions with instant speed and almost zero fees, he added.

  • Saudi fast food chain AlBaik set to make its debut in Pakistan

    The announcement comes as a Memorandum of Understanding (MoU) was signed between officials of the Al Baik Food System Company and Gas & Oil Pakistan Limited (GO). The signing ceremony was attended by high-ranking Saudi and Pakistani delegations under the patronage of Saudi Minister of Investment, Engineer Khalid Al-Falih, state-run APP reported on Friday, October 11.

  • Saudi to begin construction of Landbridge in early 2025: Report

    Saudi Arabia will start construction of the Landbridge project that costs $7 billion (SAR 26.3 billion) in early 2025, MEED reported citing a source close to the project. Saleh Al-Jasser, Minister of Transport, said in January 2023 that the project will be implemented by a Chinese-led consortium of 11 international firms, Argaam earlier reported.

  • How Saudi Arabia is partnering with Denmark in sustainable wastewater management

    Denmark’s approach to water sustainability relies on innovative technologies that reduce water wastage while conserving energy and resources. Danish engineering firms like Grundfos are making an impact in Saudi Arabia by introducing solar-powered pumping systems to supply water to remote and off-grid areas where access to electricity may be limited. According to Morten Riis, the company’s group senior director, their water solutions target not only groundwater and rivers but also focus on reducing water loss and optimizing energy consumption in the process.

  • Pentagon: US approves multi-billion-dollar weapons sales to Saudi Arabia, UAE

    The US has approved new weapons sales to the UAE and Saudi Arabia worth a combined $2.25 billion, the Pentagon announced on Friday. In separate statements, the Pentagon said that the State Department had approved the possible sale of 220 AIM-9X Block II Sidewinder Tactical Missiles and other related equipment worth an estimated $251.8 million.

  • Riyadh leads Saudi Arabia’s hot property market

    Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week by real estate consultancy CBRE. Authorities are trying to raise the national home ownership rate to 70 percent under Vision 2030. An estimate shared with AGBI by the Sico Bank research team last month found that Saudi Arabia has already hit a “fairly strong” 62 to 65 percent of citizens owning their home.

  • Saudi Arabia to set up $186m concrete factory to supply 170km-long city

    Plans have been announced to build a $186m concrete plant as part of the huge Neom development programme in Saudi Arabia’s northwestern Tabuk Province. Saudi building materials company Asas Al-Mohileb is to develop and operate the facility, which will be able to produce over 20,000 cubic metres of ready-mix a day. The multi-plant facility will incorporate carbon capture and utilisation technology.

  • U.S. approves weapons sales to Saudi Arabia, UAE valued up to $2.2B

    The U.S. State Department approved the sale of billions of dollars in weapons to Saudi Arabia and the United Arab Emirates, two important allies against Iran as tensions rise in the Middle East. The Biden administration told Congress that it approved the sale of dozens of Hellfire and Sidewinder missiles to Saudi Arabia. The more than $1 billion sale also includes artillery, tank and machine gun ammunition.

  • Walking a Tightrope: How Gulf States are Navigating the Iran-Israel Conflict

    While Washington and Tel Aviv often present their partnerships with the Gulf as a success, the reality is more complex. Since 2021—and particularly after the March 2023 reconciliation agreement between Iran and Saudi Arabia—the GCC states have increasingly prioritized diplomacy over confrontation, engagement over isolation, and regional dialogue over military escalation. This is a major shift from the time of the Donald Trump administration, when Saudi Arabia, Bahrain, and the United Arab Emirates openly supported the U.S. “maximum pressure” campaign against Iran, hoping to contain Tehran’s influence through U.S. and Israeli security guarantees.