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  • U.S. to Ramp Up Crude Oil Production by 10% in 2018
     

    The United States is poised to ramp up crude oil production by 10% in 2018 to about 11 million barrels per day, research firm Rystad Energy has said, which would make the U.S. the world’s largest producer. The expected surge in shale oil output “should allow the United States to dethrone Russia and Saudi Arabia as […]

     
  • Two Top Officials in Crackdown Sweep Return to Public Eye
     

    Two top officials detained in last year’s crackdown on corruption in Saudi Arabia have returned to the public eye following settlement payments, according to reports. Prince Miteb bin Abdullah, former head of the Saudi national guard and son of the late King Abdullah, was photographed alongside Crown Prince Mohammed bin Salman at a horse race […]

     
  • ‘Largest Ever’ Budgeted Expenditure for Saudi Arabia in 2018 as Kingdom Looks to Propel Growth
     

    Government officials unveiled Saudi Arabia’s largest budgeted expenditure ever as the Kingdom looks to propel economic growth following two years of reduced spending. Compared to previous years, the budget is expansionary. Saudi Arabia will spend SR88 billion ($23.5 billion) more in 2018 compared with 2017. The announcement was made at a press conference at which Finance Minister Mohammed […]

     
  • Nearly $20b in Stimulus for Saudi Economy in 2018
     

    Saudi Arabia has unveiled a stimulus package to begin next year with money to support housing construction as well as fee waivers for small businesses. Saudi Arabia’s King Salman issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year (2018), and 200 billion […]

     
  • Westinghouse in Talks with Other U.S. Companies to Bid for Saudi Nuclear Opportunities, Reuters Reports
     

    An exclusive Reuters report reveals that Westinghouse is in talks with other U.S-based companies to form a consortium to bid in a multi-billion-dollar tender for two nuclear power reactors in Saudi Arabia, citing three industry sources. If the consortium forms and bids, it would have stiff international competition in countries like South Korea, France, and Russia, who […]

     
  • UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
     

    The U.K. government agreed to a $2 billion loan guarantee for Saudi Aramco as competition to host the likely largest in history IPO heats up, according to Bloomberg. “The unusually large export credit guarantee, designed to finance the purchase of British goods, will be seen by many as an attempt to help woo the IPO to the […]

     
  • Saudi Arabia to Boost Spending Next Year as Foreign Reserves Reach New Lows
     

    Saudi Arabia will boost state spending next year despite dwindling foreign reserves as the Kingdom looks to turbo charge economic growth, according to reports. Saudi Arabia’s Finance Minister Mohammed al-Jadaan told the Financial Times that Saudi Arabia “would set out an expansionary budget in 2018” to respond to the needs of the struggling private sector, which is […]

     
  • Secretary of State Rex Tillerson to Travel to Saudi Arabia October 20th for Saudi-Iraq Meet
     

    U.S. Secretary of State Rex Tillerson will travel to Riyadh, Saudi Arabia to take part in the inaugural Coordination Council meeting between the governments of Saudi Arabia and Iraq. The Secretary will also meet with various Saudi leaders to discuss the conflict in Yemen, the ongoing Gulf dispute, Iran, and a number of other important regional and […]

     
  • With transfer season underway Saudi Professional League evolves strategy
     

    The SPL has shifted from last year’s extensive talent acquisition—where 97 players were signed—to a more strategic approach this season. The Saudi transfer window opened on July 18 and will close on September 2, aligning with European leagues. This change indicates a focus on filling specific gaps and enhancing overall team quality rather than a […]

     
  • Al-Hilal’s Streak and Saudi Professional League Spending
     

    Saudi Pro League league standings leader, Al-Hilal, just notched it’s 28th straight win to break the world record for most consecutive wins by a top-flight team.

     

MUST-READS

  • Saudi minister warns of $50 oil if OPEC members don’t adhere to production cuts

    The report said he singled out Iraq and Kazakhstan in particular. About half of the oil market is supplied by OPEC members as other countries including the U.S. and Brazil are increasing production. The comments were reported to have been made before Iran lobbed missiles at Israel, which sent crude prices higher.

  • Saudi Arabia’s ACWA Power, Turkey Discussing Energy Investment

    Saudi Arabia’s ACWA Power Co. is in talks with Turkey about investing in the country’s green-energy industry, according to Turkish officials familiar with the negotiations. Turkey’s Vice President Cevdet Yilmaz told a local news channel over the weekend that a “Saudi-owned company” had expressed interest in investing $5 billion in energy and other sectors. The talks are between ACWA Power and the Ministry of Energy and Natural Resources, the officials said, asking not to be identified because the matter is private. It’s not clear how far those talks have advanced.

  • Saudi’s Mining Minister Sees No Obstacles to Dealmaking in Canada

    Saudi Arabia’s mining minister doesn’t see any barriers preventing dealmaking by the Kingdom into Canada’s mining sector, despite government rules restricting investments from state-owned foreign entities. “I have no reason to believe there will be an issue,” Minister Bandar Alkhorayef said in a Monday interview in Toronto, where he’s part of a Saudi delegation meeting with Canadian mining companies to discuss investment opportunities.

  • Saudi Arabia slashes growth forecasts, sees wider budget deficits

    Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic drop from a previous estimate of 4.4%, according to the latest pre-budget report published by the Ministry of Finance on Monday. The GDP growth projection for 2025 has also been cut from a previous estimate of 5.7% to 4.6%; while the outlook for 2026 has been trimmed from 5.1% to 3.5%.

  • Saudi space pioneer recognized by Guinness World Records as first female Arab in space

    The first female Arab astronaut has had her pioneering spaceflight recognized by Guinness World Records, the organization announced on Monday. Saudi Rayyanah Barnawi was part of the Axiom Mission 2 that launched from Cape Canaveral in Florida on May 21, 2023. She was accompanied by fellow Saudi Ali Al-Qarni aboard a craft bound for the International Space Station. In her first message she said: “This trip does not represent me alone, but rather the entire Arab world and all Saudis. We are living a dream that once seemed impossible but has become reality.”

  • Saudi Arabia expects 2024 deficit to widen to 3% of GDP

    Saudi Arabia estimates its 2024 fiscal deficit will widen to almost 3% of GDP, according to a government statement on Monday, as it increases spending to boost growth and meet the objectives of its Vision 2030 economic transformation plan.  The kingdom expects to post a fiscal deficit of 118 billion riyals ($32 billion) this year, equal to 2.9% of GDP, a preliminary budget statement showed, wider than the 79 billion riyals projected in the 2024 budget statement in December.

  • Saudi Arabia’s AUM to cross $300B in 2 years, says Fitch

    Saudi Arabia's assets under management (AUM) are expected to cross $300 billion within a couple of years, said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings. This will be driven by Vision 2030’s Financial Sector Development Program, said the official, adding that there is strong demand for Islamic products, with around 95% of mutual funds being sharia-compliant. "The industry's AUM reached 22% of GDP in 2023, with private funds three times larger than public funds. Saudi bank-affiliated managers held 63% of industry revenues, but competition from international managers is rising as the government attracts them to Saudi Arabia," he added.

  • Saudi Arabia to boost public security with 3 new initiatives

    The Security Equipment initiative focuses on equipping vehicles and electronic gates with technology that automatically recognizes license plates and individuals. It includes the installation of the latest security surveillance cameras to monitor the roads of neighborhoods.

  • Saudi Arabia set to unveil new tourist destinations in 2025: ASFAR CEO

    ASFAR, which has been operational for nearly two years, is collaborating with investors to enhance the Kingdom’s tourism sector by focusing on eight key destinations aligned with the Ministry of Tourism’s strategy. While ASFAR does not directly develop these projects, it leverages its robust investment strategies and tourism expertise to partner with other companies, creating new opportunities in the sector. Among its projects are locations in Hail, Al-Baha, Yanbu, Al Hasa, Taif, and Al Jouf.

  • Saudi Arabia and Turkiye continue to enhance defence cooperation

    The Turkish-Saudi Coordination Council has discussed opportunities to enhance defence cooperation during its sixth meeting in Jeddah. The meeting was held in Jeddah. Agenda items included cooperation between the Saudi and Turkish defence ministries and ways to enhance and develop this, especially in the field of defence and qualitative capabilities, transfer and localisation of technology, and defence research and development in line with Saudi Vision 2030.