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Before the Pandemic, Saudi Arabia’s Tourism Sector Showed Encouraging Rates of Growth
Before the global pandemic and resulting economic slowdown, Saudi Arabia registered significant growth in one of its key industries of focus in 2019 as the Kingdom looks to diversify its economy away from oil, an encouraging sign of progress that could be resumed when Coronavirus fears wane. Inbound tourism in Saudi Arabia was up a […]
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Saudi Arabia’s Central Bank Governor Sees ‘Light at the End of the Tunnel’ for Saudi Economy
Saudi Arabia’s central bank governor said it’s “too early” to tell if the Kingdom’s economy will bounce back with a V-shaped recovery as the government loosens coronavirus-related restrictions, according to a Bloomberg report.
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Saudi Arabia Announces ‘Limited’ 2020 Hajj to Prevent Coronavirus Spread
Saudi Arabia’s leaders said Monday the Kingdom will still allow for a “limited” Hajj which is open only to a small number of pilgrims who are already based in Saudi Arabia as they seek to stop the spread of the novel Coronavirus, according to reports.
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Saudi Industrial Development Fund Launches Near $1 billion Stimulus Package for Saudi Private Sector for Coronavirus Aid
The Saudi Industrial Development Fund (SIDF) said on Tuesday it launched initiatives totaling 3.7 billion riyals ($986.40 million) to support private sector industrial enterprises impacted by the coronavirus pandemic, Reuters reports.
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Saudi Embassy Issues Statement on Investigation Findings of the December 6th Pensacola Naval Air Station Attack
The Saudi embassy in Washington, D.C. issued a statement following yesterday’s release of findings by the Justice Department and the FBI, in which Attorney General William P. Barr and FBI Director Christopher Wray announced “significant developments” in the FBI’s investigation of the December 6, 2019 shooting at Naval Air Station Pensacola that killed three U.S. sailors and […]
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Report: Saudi Binladin Seeks Advisor for Financial Overhaul of Mecca Complex
The construction giant behind the Mecca skyscraper complex is seeking an advisor to cut costs as well as restructure the debt of the iconic project, sources familiar with the matter said and a document obtained by Reuters exclusively showed.
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Saudi Arabia’s SABIC Closes Deal to Establish JV to Build One of the World’s Biggest Utility-Scale Battery Factories
Saudi Arabia’s SABIC has established a joint venture company to build one of the world’s biggest utility-scale battery factories as global investment in the sector heats up, according to a report in Arab News.
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Saudi Arabia Taps Foreign Reserves to Weather Coronavirus Crisis
Saudi Arabia’s central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, Reuters reports, as the Kingdom draws down on reserves to weather the Coronavirus crisis and keep citizens and residents safe.
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Saudi Arabia’s PIF Eyes Bargain Stakes in Blue Chip Companies Likely to Rebound – Report
A “shopping list is being readied” for potential investments by Saudi Arabia’s Public Investment Fund in healthcare, technology, and logistics companies around the world as the coronavirus pandemic creates potential opportunities for bargain investments, according to a Financial Times report.
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Saudi Arabia to Spend $4 Billion in Fight Against Coronavirus
Saudi Arabia will increase its spending to fight the spread of the coronavirus in the Kingdom, earmarking an additional 7 billion riyals (USD 1.8 billion) yesterday on top of the 8 billion riyals (USD 2.1 billion) earmarked at the beginning of the virus outbreak, according to Asharq Alawsat.
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MUST-READS
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Wizz Air drops Saudi subsidiary plans
The low-cost carrier recently announced London Gatwick-Jeddah International as the first route to be operated by Wizz Air UK (W9, London Luton) using an A321-200NY(XLR). The route will launch in March 2025 and will be the first Saudi service for the holding's British AOC. However, Wizz Air, Wizz Air Malta, and Wizz Air Abu Dhabi all already serve Saudi Arabia, connecting Jeddah, Riyadh, Dammam, and Madinah.
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Saudi Arabia strengthens WFP’s efforts to treat and prevent malnutrition in Somalia
Cindy McCain, WFP’s Executive Director and Dr Abdullah Al Rabeeah, Adviser to the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Centre (KSrelief), signed an agreement in New York for a contribution of US$4.5 million from KSrelief to enable WFP to provide specialised nutritious foods to more than 57,300 malnourished pregnant and breastfeeding women as well as around 122,850 children under the age of two.
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Trump would reimpose Iran sanctions, ‘that’s the reason they’re trying to kill him,’ claims son Eric Trump
Donald Trump’s son believes Iran is “targeting” his father with a third assassination attempt because he would reimpose sanctions on the nation if re-elected as President of the United States. It comes as the Republican candidate boosted security personnel following US intelligence that there are “real and specific threats from Iran.”
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Saudi Arabia leads GCC in sustainable sukuk issuances
Saudi Arabia has emerged as the leader in sustainable sukuk issuances in the Gulf Cooperation Council (GCC) region in the first half of 2024, followed by the UAE, rating agency Moody’s said in a new report. The GCC countries accounted for 82% of global sustainable sukuk issuance in the first half of 2024, which rose 21% year-on-year to $6.8 billion.
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Arab Gulf Producers Are in Need of Much Higher Oil Prices
After a brief reversal on Monday, the oil price rally was back on track on Tuesday as tensions in the Middle East reached fever point. Brent crude for November delivery was up 1.4% to trade at $74.93 per barrel at 13.10 pm ET while WTI crude for October delivery rallied by a similar margin to change hands at $71.33 per barrel.
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G7 says nobody will gain from Middle East escalation
The foreign ministers of the Group of Seven (G7) major democracies on Monday warned that actions and counter-actions in the Middle East risked dragging the region into a broader conflict that no country would gain from. "Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences," the G7 said in a statement after meeting on the sidelines of the United Nations General Assembly.
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One week on, how the Lebanon attacks have changed the Middle East
But when Israel withdrew from Lebanon in 2000, Hezbollah kept its weapons in violation of a UN resolution requiring it to disarm. It continued to present itself as a necessary force for the defence of Lebanon and “became the country's most powerful political actor”, says Prof Khatib. Although it is represented in Lebanon’s government, Hezbollah’s real power lies behind the scenes, she adds - as an armed group that many analysts say is more powerful than the Lebanese army, it has the ability to intimidate its opponents.
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Saudi Arabia to establish 10 private colleges
The Council of Ministers on Tuesday approved the establishment of 10 private colleges in Saudi Arabia. Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet in Riyadh.
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LGBTQ fans welcomed in Saudi, says 2034 World Cup bid chief
Hammad Albalawi, head of Saudi Arabia's 2034 World Cup bid unit, said his country welcomes all visitors, including LGBTQ people and their bid to host the 48-team showpiece event has nothing to do with 'sportswashing' their human rights record. Global governing body FIFA limited the 2034 contest to bidders from the Asian and Oceania confederations as Morocco, Portugal and Spain will share the hosting of the 2030 tournament.
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Desert Diplomacy: Saudi Arabia’s Quest for Regional Harmony
By prioritizing dialogue, diplomacy, and economic cooperation over conflict and confrontation, the Kingdom hopes to reduce tensions in the Middle East and create a more stable environment for its ambitious domestic reforms. While challenges remain, the early successes in mending relations with Iran, Qatar, and Yemen offer hope that Saudi Arabia’s new foreign policy could contribute to lasting peace and stability in the region.
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