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  • Saudi Ambassador to the US Prince Khalid Bin Salman Visits CENTCOM in Florida
     

    Saudi Ambassador to the United States Prince Khalid bin Salman visited the US Central Command (CENTCOM) headquarters in Tampa, Florida this week to meet with top U.S. military officials and Saudi officers stationed at the facility, Arab News reports. The Ambassador, a former F-15 pilot and tactical intelligence officer in the Royal Saudi Air Force (RSAF), held […]

     
  • Report: Saudi Delegation of Companies Led by Ministry of Economy and Planning Set to Visit New York
     

    The Saudi Ministry of Economy and Planning (MEP) will lead a delegation comprising of a “number of government and private-sector entities and representatives of charitable associations” to the United States to present a review of the country’s progress on sustainable development, according to reports. The delegation will participate in the UN’s High-level Political Forum on […]

     
  • Will Uber and Careem Merge?
     

    San Francisco-based Uber Technologies Inc. and Dubai-based Careem Networks FZ are in preliminary talks to combine their Middle Eastern ride-hailing services, according to reports, in a merger that would create one dominant presence in the market and avoid a potentially costly rivalry. Bloomberg reports that the two companies have discussed a potential merger but the companies have only discussed […]

     
  • Privatization and Vision 2030: Report Looks at Opportunities, Challenges for Saudi Arabia’s Ambitious Plans
     

    A recently released Jadwa Investment report lays out in detail Saudi Arabia’s ambitious privatization plans as part of its Vision 2030 economic and social reform program and identifies opportunities and challenges for decision-makers. The research report, entitled “Privatization and Vision 2030” which was emailed in a note to investors by Jadwa’s head of research Dr. Fahad Alturki, […]

     
  • Report: Trump Requested Saudi Oil Support Before Iran Nuclear Decision
     

    A day before President Trump withdrew from the Iran nuclear deal, one of his senior officials phoned key ally Saudi Arabia to ask the world’s largest oil exporter to help keep prices stable if the decision disrupted supply, Reuters reports. As Reuters reports, although the U.S. and Saudi Arabia are close allies, rarely has the United States put […]

     
  • IMF: Saudi Arabia Making ‘Good Progress’ on Vision 2030, Should Focus on Balanced Budget in 2023
     

    Saudi Arabia is making good progress in implementing Vision 2030 economic and social reforms, the International Monetary Fund (IMF) said in a statement late on Tuesday, as it urged the Kingdom not to increase spending and to focus on a balanced budget by 2023. “The government remains committed to wide-ranging economic and social reforms to transform the […]

     
  • Saudi Ministry of Justice Announces Launch of Alimony Fund ‘Modeled on UK’s Child Maintenance Service’
     

    Saudi Arabia’s Ministry of Justice is planning to launch an alimony fund similar to the United Kingdom’s Child Maintenance Service in an attempt to “empower mothers and provide sustainable living and support, for them and their children,” the Ministry said in a press release. The alimony fund is dedicated to women who are divorced and facing difficulty […]

     
  • Tadawul IPO Pushed to ‘2019 at the Earliest’ as Kingdom Eyes MSCI Inclusion Bump
     

    Saudi Arabia is delaying the IPO of the Tadawul, the Kingdom’s stock exchange, “on hopes that a potential MSCI Inc. upgrade could boost its value,” according to Bloomberg which cited people with knowledge of the matter. The Tadawul has pushed back plans to sell shares “to 2019 at the earliest,” according to Bloomberg, because waiting until after MSCI’s […]

     
  • Saudi, Qatar Bond Issues Get Cozy; Both Oversubscribed
     

    Saudi Arabia beat out regional rival Qatar’s first bond issuance since the Gulf crisis began with its own “surprise” $11 billion raise, which drew $52 billion of orders this week, according to reports. Saudi Arabia denies that the timing of the quick-fire raise was not aimed at damaging Qatar’s issuance. The Saudi debt management office told the […]

     
  • Now West, Crown Prince Salman Meets with Tech Elite in Seattle
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman met with some of the world’s most prominent technology executives in Seattle this weekend as part of his three-week long official visit to the United States. The powerful millennial has prioritized technology as part of Saudi Arabia’s Vision 2030 social and economic reform blueprint, and has used the newly-empowered Public […]

     

MUST-READS

  • Saudi Arabia expects larger budget deficits on Vision 2030 spending boost

    Saudi Arabia expects its budget deficit to widen this year and next as the Arab world's largest economy boosts spending to finance its economic diversification agenda under the Vision 2030 plan.   The kingdom's deficit will reach 118 billion Saudi riyals ($31.46 billion) or 2.9 per cent of its gross domestic product this year, with revenue at about 1.24 trillion riyals and expenditure of about 1.36 trillion riyals, the finance ministry said on Monday.  Riyadh has revised its 2024 budget deficit projection higher from the earlier projection of 1.9 per cent as it continues to pursue its expansionary economic policy.

  • Saudi Asset Management Industry Poised for Growth; Islamic Funds Dominating

    The Saudi Arabian asset management industry (AMI) is poised for growth in 2H24–2025, following regulatory reforms, expanding equity and debt capital markets, and increasing numbers of high-net-worth individuals seeking asset-management services, Fitch Ratings says. Assets under management (AUM) rose 13.5% yoy, exceeding USD250 billion at end-1H24. Saudi Arabia has the largest AMI in the GCC, the fifth-largest in the OIC, and the second-largest public Islamic funds market globally. As the AMI matures, it could attract funds that were placed with offshore asset managers.

  • Saudi Arabian FDI stalls at $5.2 bln in second quarter despite reform drive

    Foreign direct investment (FDI) into Saudi Arabia stalled in the second quarter at around the same level as a year ago, government data showed on Monday, highlighting the kingdom's need for further reforms to meet its ambitious targets. Saudi Arabia drew 19.44 billion riyals ($5.18 billion) in FDI, which was little changed from 19.43 billion riyals in Q2 last year, the General Authority of Statistics data showed. Overall, Saudi Arabia recorded net FDI inflows of 11.7 billion riyals in the second quarter, down 7.5% from a year earlier.

  • Dim Outlook for Peace in the Middle East

    Nearly a year after Hamas attacked Israel, setting off the Israel-Hamas war, hopes for peace remain scarce. In Gallup surveys conducted in July and August of this year, few people in Israel or the West Bank and East Jerusalem think peace will ever be reached in the long-running conflict between Israel and Palestine. Two-thirds of people living in Israel (66%), and in the West Bank and East Jerusalem (68%), think a permanent peace will never be achieved.

  • US struggles to avoid wider war after Iran missile attack on Israel

    After days of escalating Israeli attacks on Iran-backed Hezbollah in Lebanon that killed Hezbollah leader Hassan Nasrallah and a day after Israel announced limited ground incursions into southern Lebanon, Iran today launched 180 ballistic missiles at Israel. The Biden administration said initial assessments indicated there had been very few, possibly no fatalities from the massive attack, which it nevertheless called a significant escalation.

  • Wrapping up mission, US troops will leave some longstanding bases in Iraq under new deal

    he U.S. announced an agreement with the Iraqi government Friday to wrap up the military mission in Iraq of an American-led coalition fighting the Islamic State group by next year, with U.S. troops departing some bases that they have long occupied during a two-decade-long military presence in the country.

  • Falconers Flock to the Northern Borders Deserts for the Hunting Season

    Al-Hammad area, located east of Arar, in the Northern Borders region, is a renowned stopover for migratory birds during the hunting season. This annual event, which begins in October, attracts falconers from all over Saudi Arabia and GCC countries. Known for its abundance of prized falcons, Al-Hammad desert draws enthusiasts from near and far. The area often sees high sales at falcon auctions, making it a popular destination for collectors.

  • Hezbollah Got Caught in Its Own Trap

    Hezbollah is entirely a creature of Tehran, unlike Hamas and the Houthis, which, though backed by Iran, were not founded under the Islamic Republic’s tutelage and have religious and political differences with it. Established in the immediate aftermath of the Israeli invasion of Lebanon in 1982 and developed during the 18-year occupation that ended in May 2000, Hezbollah was the first Iranian-controlled militia in the Arab world, providing a model that Tehran has successfully replicated in Iraq, Syria, and elsewhere.

  • Saudi oil may keep a lid on Middle East fallout

    Israel’s war in Gaza has certainly had savage economic consequences – year-on-year GDP in the Palestinian enclave fell 86%, opens new tab in January 2024, the World Bank says. But oil prices – the obvious way for the conflict to hit the global economy – have mostly hovered in the $70s and $80s a barrel region. Major hostilities on Israel’s northern border with Hezbollah were assumed to be the key reason to make them spike higher. The doomsday scenario would be for Iran to shut the Strait of Hormuz, through which a fifth of the global oil supply passes daily.

  • Saudi unemployment drops again in second quarter

    The unemployment rate for Saudi nationals fell to 7.1 percent in the second quarter of 2024, government data shows, down from 7.6 percent in the first quarter and 8.5 percent in the same period a year ago. The overall unemployment rate, which includes expatriate workers, dropped to 3.3 percent in Q2, down from 4.1 percent in 2023, according to the General Authority for Statistics’ latest labour force survey.