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IMF Head Says Gulf Economies are Becoming More Resilient to Energy Prices
Governments of Gulf countries have made progress toward diversifying their economies away from oil by opening up to private investment and implementing taxes, according to comments from Kristalina Georgieva, the head of the International Monetary Fund.
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Abraham Ancer Takes 2023 PIF International Title at Royal Greens in Saudi Arabia
LIV’s Abraham Ancer won this year’s Saudi International Tournament, played at the Royal Greens Golf Club at KAEC, after holding off the PGA Tour’s Cameron Young to take the 2023 title.
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Saudi Arabia Set to Open Riyadh Metro ‘Soon’ — Report
The Riyadh Metro project, the game-changing public transportation project in Saudi Arabia’s capital, “will be opened soon,” Rai Al Youm reported on Wednesday, citing the German News Agency (DPA).
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PIF Assumes Control of $50 Billion Diriyah Project
Diriyah, a massive redevelopment of a historical site on the outskirts of the Saudi capital Riyadh, has become the fifth giga-project in the portfolio of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), according to reports.
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Saudi Arabia’s Sees Strong Labor Force Numbers for Nationals; PMI Holds at 56.9
Saudi Arabia’s job numbers witnessed their strongest growth rate since January 2018, and the unemployment rate for Saudi male citizens has fallen to its lowest level in more than 20 years, according to official data.
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New Draft Rules from Saudi Arabia’s CMA Set to Further Open Stock Market to Investors
Saudi Arabia plans to further open up its capital market to foreign investors by September 2023, with its capital market regulator, the Capital Markets Authority (CMA), proposing several changes to simplify requirements for qualified foreign investors (QFIs) and adding new channels for overseas retail investors in the country’s bourses, according to reports.
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2023 Budget: Saudi Arabia Exceeds Surplus Estimate, Economic Growth Forecasts in Strong Year for Kingdom’s Economy
Saudi Arabia has recorded a budget surplus for 2022 of 102 billion riyals ($27.13 billion), 12 billion riyals ($3 billion) higher than predicted figures, according to reports.
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Oil Prices Fall as WSJ Reports OPEC is Considering an Output Increase on December 4
Saudi Arabia and other OPEC countries are discussing an oil output increase to be determined at its next meeting, the Wall Street Journal reports, “a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war.”
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Saudi Arabia Commits 2.5 Billion to Middle East Green Initiative, Agrees to Host HQ in Riyadh – Report
Crown Prince Mohammed bin Salman said on Monday that Saudi Arabia would contribute $2.5 billion to the Middle East Green Initiative over the next 10 years, and host its headquarters in the Kingdom, according to a report from Reuters.
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Crown Prince Mohammed bin Salman Unveils New Initiatives, Investments to Boost Supply Chain Resilience
Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled a new initiative designed to position Saudi Arabia as a global supply chain hub, called the “Global Supply Chain Resilience Initiative” (GSCRI).
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MUST-READS
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Creativity to transform these Saudi industries
Drawing on his unique perspective as both a tech entrepreneur and a creative pioneer, from his early days at Facebook to his latest venture, Karaz Disco, Prince Fahad will offer an in-depth look at how innovative content with an Arabic identity is redefining the Kingdom’s cultural landscape. His session will explore the ongoing impact of Saudi Vision 2030 on the media and entertainment sectors and the critical role of creativity in driving this profound transformation.
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Saudi Arabia announces new global coalition to establish Palestinian state
Saudi Arabia’s top diplomat on Thursday announced the launch of a new initiative to establish a Palestinian state and garner support for the implementation of a two-state solution after decades of international efforts failed, leading the region to the brink of an all-out war. The Global Alliance for the Implementation of the two-state solution was unveiled during Prince Faisal bin Farhan’s speech at a meeting that included the Arab League, the Organization of Islamic Cooperation (OIC) and Norway.
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As Middle East conflict escalates, Muslim American voter group endorses Harris over Trump
Vice President Kamala Harris has secured the endorsement of one of the nation’s largest Muslim American voter mobilization groups, marking a significant boost to her campaign since many Muslim and Arab American organizations have opted to support third-party candidates or not endorse. Emgage Action, the political arm of an 18-year-old Muslim American advocacy group, endorsed Harris’ presidential campaign on Wednesday, saying in a statement provided first to The Associated Press that the group “recognizes the responsibility to defeat” Donald Trump in November.
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Israel ‘didn’t even respond’ to truce proposal, as it continues bombing Lebanon
Israel's prime minister indicated that he "did not even respond" to proposals aimed at bringing about a temporary ceasefire between Israel and Hezbollah, as Israeli forces continued raining down air strikes on Lebanon. On Thursday, US President Joe Biden and French President Emmanuel Macron published a joint statement calling for a 21-day truce, aimed at paving the way for broader negotiations for a permanent ceasefire. Just hours later, however, Prime Minister Benjamin Netanyahu's office rejected the idea.
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Qatar becomes first Arab state to join US visa waiver programme
The US has said it will waive visa requirements for citizens of Qatar, making the gas-rich Gulf state the first Arab country, and only the second Muslim-majority country, to join a network of states with expedited travel to the US. The US Department of Homeland Security said on Tuesday that the Gulf monarchy cleared the "stringent security requirements" to become the 42nd member of the US’s visa waiver programme. Qatar’s population stands at just 2.6 million, of whom only a tiny fraction - around 313,000 - are citizens. The US visa waiver programme is mainly reserved for wealthy western European and Asian states. Israel was added to the programme last year.
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Hotel franchise in the Middle East: navigating the shift
Though still considered emerging, the region's hospitality market is rapidly maturing and diversifying. Coupled with an increasing range of brands across all scale ratings, there has been a noticeable shift to franchise (including third-party operators and heightened owner engagement). Franchise, predominant in North America and widespread in Europe, may not have been considered when HMAs for most Middle East hotels were first entered. But as these agreements approach expiry or renewal, their owners may have a golden opportunity to explore alternatives.
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Middle East accounts for 7.5% of global crypto volume — Chainalysis
According to a Sept. 25 Chainalysis report, the Middle East and North Africa region (MENA) accounted for 7.5% of all cryptocurrency transaction volume globally between July 2023 and June 2024. Chainalysis estimates the total value received during the period to be $338.7 billion, with the vast majority of the transaction volume coming from institutional and professional investors.
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US admits Qatar into visa waiver program
The United States on Tuesday announced it was admitting Qatar into its visa waiver program, allowing visa-free travel by Qatari citizens for up to 90 days starting no later than Dec. 1. The U.S. Department of Homeland Security and the Department of State said in a statement that Qatar is the first Gulf country to be admitted to the U.S. Visa Waiver Program, commending Doha for meeting the strict security requirements to join.
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Foreign trucks must settle any violations before their entry or exit of Saudi Arabia
It is mandatory on the part of foreign trucks to settle any transportation violations before the entry or exit of drivers or trucks in Saudi Arabia. This is one among the four key regulations, formulated by the Transport General Authority (TGA), in collaboration with relevant authorities, aimed at governing foreign truck operations in the Kingdom.
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Saudi Arabia to bolster medical tourism with strategic partnerships
One notable example is a memorandum of understanding (MoU) signed last August between Saudi Arabia and Morocco, focusing on research, digital health, therapeutic development, pandemic preparedness, and preventative medicine. Meanwhile, this MoU follows a similar agreement signed with Thailand in January to foster knowledge sharing on hospital management and wellness services between both countries.
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