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Saudi Telecom Giant STC Plans $1 Billion in Investments to Transform Kingdom into Regional Data Hub – Report
Saudi Arabia’s Saudi Telecom Co. (STC), the Middle East’s most profitable mobile operator, “plans to spend about $1 billion to transform the kingdom into a regional data hub, and may sell a stake in its data hub, called Center3, business to finance the plans,” Bloomberg reports.
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Middle East Regional Carriers to Spend $765 billion by 2040 on Fleet Expansion, Boeing Says
Carriers in the Middle East are set to expand its fleet with an additional 2,980 commercial jets in the next two decades, spending upwards of $765 billion on new planes, major supplier Boeing said on Monday in Dubai. The new planes will be required to meet the strongly recovering demand for both passenger and cargo […]
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OPEC Continues to Forecast Robust Global Oil Demand Growth in 2022 and 2023
In its latest monthly report, OPEC stuck to its forecasts for robust global oil demand growth in 2022 and 2023, citing signs that major economies were faring better than expected despite global headwinds such as surging inflation, Reuters reports.
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Saudi GDP Up 12.2% in Second Quarter, Exceeding Initial Estimate, as ‘Boom Spreads Beyond Oil’
Saudi Arabia’s real gross domestic product expanded by 12.2% in the second quarter compared with the same period of 2021, new data revealed on Wednesday, as the Kingdom continues to see growth from high oil prices that is now spreading to the private sector.
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Report: Israeli Energy Companies Create JV for Saudi, Gulf Push
Israeli companies Enlight Renewable Energy Ltd. and natural gas producer NewMed Energy LP plan to jointly develop renewable energy projects in North Africa and the Middle East, including in Saudi Arabia and Oman, Bloomberg reports.
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Saudi Arabia Expected to Join $1 Trillion+ Economies in 2022
Saudi Arabia’s economy is expected to cross the $1 trillion mark, joining the largest economies in the world as the Kingdom’s GDP is expected to soar in 2022 on the back of high oil prices.
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Saudi Arabia Eyes Hosting of 2026 Women’s Asian Cup
Saudi Arabia has joined Australia, Jordan and Uzbekistan as nations who have expressed interest in hosting the 2026 Women’s Asian Cup, the Asian Football Confederation (AFC) said on Monday as reported in Reuters.
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Crown Prince Mohammed bin Salman, Russian President Putin Speak by Phone
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman spoke by phone on Thursday and underlined the importance of further cooperation within the OPEC+ group of oil producers, Reuters reports, citing a release from the Kremlin.
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The 966 Episode 51 with economist and longtime observer of Saudi Arabia, Dr. John Sfakianakis
In episode 51, The 966 chats with our long-time friend and longtime economist and observer of the Kingdom, Dr. John Sfakianakis. John is the chief economist and head of research of the Gulf Research Center in Riyadh, Saudi Arabia, and is a professorial fellow at Cambridge. He’s also an associate fellow with the Middle East […]
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Saudi Arabia Welcomes Largest Pilgrimage Since Pandemic’s Start
Up to one million people, including 850,000 from abroad, are visiting Saudi Arabia for the Hajj Pilgrimage, in what is the largest gathering of pilgrims since the start of the pandemic curbed the ability for Saudi Arabia to host.
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Israeli forces storm shelters, detain men, as north Gaza raid deepens
Israeli forces blew up homes and besieged schools and shelters for displaced people on Monday as they deepened their operations in Jabalia in the northern Gaza Strip, residents and medics said. They also rounded up men and ordered women to leave the camp, they said. Medics at the Indonesian Hospital told Reuters that Israeli troops stormed a school and detained the men before setting the facility ablaze. The fire reached the hospital generators and caused a power outage, they added.
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Blinken heads to the Middle East as U.S. looks to kick start Gaza ceasefire talks
U.S. Secretary of State Antony Blinken will depart for the Middle East on Monday, the State Department said, as Washington is pushing to kickstart ceasefire negotiations to end the Gaza war following the death of Hamas leader Yahya Sinwar. The top U.S. diplomat's latest trip to the region, his eleventh since the Oct. 7, 2023 attack on Israel by the Palestinian militant group Hamas that triggered the Gaza war, comes even as Israel has intensified its military campaign in Gaza and in Lebanon against Iran-aligned militia Hezbollah.
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Gulen, the powerful cleric accused of orchestrating a Turkish coup, dies
The U.S.-based cleric Fethullah Gulen, who built a powerful Islamic movement in Turkey and beyond but spent his later years mired in accusations of orchestrating an attempted coup against Turkish leader Tayyip Erdogan, has died. He was 83. Herkul, a website which publishes Gulen's sermons, said on its X account that Gulen had died on Sunday evening in the U.S. hospital where he was being treated. Gulen was a one-time ally of Erdogan but they fell out spectacularly, and Erdogan held him responsible for the 2016 attempted coup in which rogue soldiers commandeered warplanes, tanks and helicopters. Some 250 people were killed in the bid to seize power.
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Amnesty says migrant workers exploited at Carrefour Saudi stores
Rights group Amnesty International published Monday a report that accused the Saudi Arabian franchise of French supermarket giant Carrefour of exploiting migrant workers. Carrefour told AFP that an internal probe had not confirmed most allegations but was planning on conducting an external review. Amnesty said it found migrant workers for Carrefour's Saudi Arabian franchisee were deceived by recruitment agents, forced to work excessive hours, denied days off, cheated of their earnings and made to live in squalid accommodations.
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Fifa urged by women’s soccer players to scrap sponsorship with Saudi oil company Aramco
More than 100 professional women’s soccer players have signed an open letter to Fifa urging the global governing body to end its sponsorship with Saudi oil giant Aramco. Fifa confirmed a deal with Aramco, which is majority-owned by the Saudi government, in April. The company will sponsor both the 2026 men’s World Cup and 2027 Women’s World Cup in an agreement reportedly worth up to US$100 million a year.
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Tawaref series: A step-by-step guide to Saudi Iqama process
The Iqama is a residency permit issued to foreign nationals living and working in Saudi Arabia. It is a crucial document for any expatriates, including foreign investors who wish to reside in the country with their families. Although you can start working in the country without an Iqama, most services are blocked.
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Consulting Industry Booms in the UAE, Saudi Arabia: Video
The difficult road to partnerships and promotions at some of the world’s largest consulting firms can run through the Middle East these days. And for McKinsey and BCG, the region ranks among the strongest globally based on revenue and profitability. Bloomberg News' Abeer Abu Omar discusses the industry's playbook with Jennifer Zabasajja on Horizons Middle East & Africa.
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Saudi: Nadec records 83% YoY higher net profit in 9M-24 on back of $648mln revenue
The National Agricultural Development Company (Nadec) witnessed an 83.39% surge in net profit to SAR 326.59 million during the first nine months (9M) of 2024 from SAR 178.08 million in 9M-23. The company attributed the annual growth in net profit to several factors including the SAR 2.43 billion sales generated during January-September 2024, which were 1.76% higher than SAR 2.39 billion in the corresponding period a year ago, according to the financial results.
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Saudi restaurant and cafe sales boost August POS spending to $15.6bn
Saudi Arabia’s point-of-sale spending reached around SR58.51 billion ($15.6 billion) in August, marking a 9.67 percent rise compared to the same month last year, according to the latest data. Figures from the Saudi Central Bank, known as SAMA, revealed that 36 percent of POS spending during this period — totaling SR16.55 billion — was spent on beverages, food, restaurants, and cafes, reflecting a 4.72 percent increase. This growth was primarily driven by higher spending in restaurants and cafes.
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Saudi Arabia: First week of Riyadh Season welcomes two million visitors
The first week of Riyadh Season 2024 drew in an impressive two million visitors, Saudi Arabia’s General Entertainment Authority (GEA) announced on Sunday. With an exciting lineup of events and attractions, Riyadh Season 2024 is poised to solidify the Saudi capital’s status as a global entertainment destination, the Chairman of the GEA Turki AlAlshikh said in a statement carried by the Saudi Press Agency (SPA).
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