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Saudi Arabia, World Economic Forum to set up ‘Fourth Industrial Revolution Center’
Saudi Arabia signed an agreement with the World Economic Forum (WEF) on Wednesday to establish a branch in the Kingdom of the WEF’s Center for the Fourth Industrial Revolution, a program focused on new technologies that will power economic change in the immediate years to come. The deal was signed by Mohammed Al-Tuwaijri, the Saudi […]
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Saudi Arabia to Cut Spending, Deficit Projected to Widen as Economic Reforms Kick In
Saudi Arabia’s finance minister Mohammed Al-Jadaan said in his pre-budget statement for fiscal year 2020 yesterday that the Kingdom would cut spending and widen its projected deficit in a vote of confidence in Saudi Arabia’s economic reforms. He also said efforts will be made to “improve the efficiency of spending without any disruption to diversification and […]
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Announcement of New IPO Date for Saudi Aramco IPO Creates Buzz on FII’s Opening Day
Saudi Aramco’s long-planned IPO will see its first shares traded on Riyadh’s stock exchange in December, several news outlets are reporting, citing the Saudi-owned satellite news channel Al Arabiya. Al Arabiya said a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul stock market on Dec. 11. It added […]
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Issue Brief Explores Saudi Aramco-SABIC Merger, SABIC’s ‘Importance to Energy and Chemical Businesses Worldwide’
A new issue brief written by Jean-François Seznec for the Atlantic Council explores the Saudi Aramco-SABIC merger and Aramco’s strategy to make the Saudi oil giant “like most other large international oil companies, except much bigger.” This issue brief studies “SABIC’s importance to energy and chemical businesses worldwide, and it raises questions about whether the merger […]
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Russia’s Putin Arrives in Saudi Arabia to Discuss Oil Market Stability, Regional Tensions
Russia’s President Vladimir Putin is in Saudi Arabia to visit with top Saudi leaders, his first trip to the Kingdom in over a decade. The visit is a sign of Russia’s “growing Middle East clout,” Reuters reports, as tensions brew in regional hotspots where Russia and Saudi Arabia’s interests diverge. Putin will sign oil agreements, which will […]
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Range of ‘Positive Developments’ Seen in Latest Saudi Economic Data for August 2019
Economic data for Saudi Arabia for the month of August revealed a number of “positive developments” in several areas, according a recently-released monthly chartbook report by Jadwa Investment. The Riyadh-based bank noted that POS transactions rose by 18 percent year-on-year, while non-oil PMI index edged up, and cement sales and production rose by 12 percent and […]
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Britain, France, and Germany Join U.S. in Blaming Iran for Attacks
Britain, France and Germany have joined the United States in blaming Iran for recent attacks on key Saudi Arabia oil facilities, according to reports, issuing a joint statement Monday on the sidelines of the United Nations General Assembly. “We condemn in the strongest terms the attacks on oil facilities on Saudi territory on September 14th, 2019 in Abqaiq […]
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Brazen Attacks on Key Saudi Oil Facilities Knock Half of Daily Saudi Production Offline, Place Region on Edge
In the early hours of Saturday morning, two of Saudi Arabia’s most important oil facilities were brazenly attacked and set ablaze, causing a disruption of half of Saudi Arabia’s total daily oil production and 5% of the world’s crude supply and throwing the tense region into greater risk of conflict. The attacks on Saudi Arabia hit […]
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Saudi Arabia Names New Energy Minister, Appointing Royal with Deep OPEC Experience
Saudi Arabia has named a new energy minister in Prince Abdulaziz bin Salman, a son of King Salman and older half brother of Crown Prince Mohammed bin Salman, to replace Khalid Al-Falih. Abdulaziz bin Salman is the first member of the royal family to serve as oil minister in Saudi Arabia, a break from longstanding […]
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Saudi Arabia Announces Six Flags Qiddiya with Plans for the World’s ‘Longest, Tallest and Fastest Roller Coaster’
Saudi Arabia has unveiled the official park design for Six Flags Qiddiya, a family-oriented theme park currently under construction just outside of Riyadh. The announcement, along with a website for the future park, said that Six Flags Qiddiya will feature “a number of record-breaking roller coasters, unique thrill experiences, incredible live shows and more arranged into 6 […]
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Saudi Arabia welcomes UNGA resolution to end Israel’s unlawful presence in Occupied Territories
The Kingdom stressed the need to take practical and credible steps to reach a just and comprehensive solution to the Palestinian cause in accordance with the Arab Peace Initiative and international legitimacy resolutions in a way that ensures the Palestinian people’s inherent right to self-determination and the establishment of their independent state on the 1967 borders with East Jerusalem as its capital.
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Topgolf Callaway Brands Enters into Multiyear Strategic Agreement with Golf SaudiTopgolf Callaway Brands Enters into Multiyear Strategic Agreement with Golf Saudi
As part of the agreement, Golf Saudi plans to build three Topgolf venues by 2028, to be owned and operated by Golf Saudi with the option to open another two venues in the future. In addition, Callaway Golf, Odyssey, TravisMathew and Ogio will become the official equipment and apparel brands for the Saudi Men's, Women's and Junior National golf teams as well as for Saudi Elite golf professionals and golf pros working at Golf Saudi facilities. Finally, Golf Saudi will be the exclusive distributor of Callaway Golf, Odyssey and Ogio products in Saudi Arabia.
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Saudi Arabia launches Tamkeen Initiative to empower tech professionals in MSMEs
The Ministry of Communications and Information Technology has partnered with the National Technology Development Program (NTDP) to launch the Tamkeen Initiative, which aims to empower Saudi technical professionals in micro, small, and medium-sized enterprises (MSMEs).
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Middle East is the ‘closest to regional war since 1970s’, warns Saudi ambassador
Prince Khalid bin Bandar al Saud told Sky News's The World with Yalda Hakim that the situation on the ground is only getting worse and it is time to put in "renewed efforts" to stop fighting in places like Gaza. His caution comes after Israel's defence minister announced a "new phase" of the war with troops moving up to the country's northern border, where it has exchanged cross-border fire with Hezbollah for months.
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Saudi Arabia arrests over 22,000 in week of nationwide security raids, crackdowns
Those arrested were apprehended for a variety of alleged violations of the Saudi legal system, including 14,216 for violating the Residency Law, 4,943 for breaching the Border Security Law and 3,214 for infringement upon the Labour Law. A further 1,507 individuals were arrested while reportedly attempting to cross the border into Saudi Arabia, with a majority of them being Ethiopian nationals numbering 53 per cent and Yemenis numbering 46 per cent.
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Ronaldo gets new coach in Saudi Arabia with Pioli hired by Al-Nassr
Al-Nassr appointed former AC Milan boss Stefano Pioli on Wednesday, a day after it fired Luis Castro. The 58-year-old Pioli led Milan to the Serie A title in 2022 and then took the team to the last four of the Champions League in 2023 before leaving the club in May. Castro was fired after a slow start to the season with just one win in three league games.
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MBS: No Saudi-Israel normalization until Palestinians get a state
Although the Biden administration had previously signaled that they might be willing to move forward with the U.S.-Saudi defense agreement even in the absence of normalization with Israel, MBS’ announcement appears to finally kill the possibility of the so-called “Grand Bargain” that Presidential advisors Brett McGurk, Jake Sullivan, and other senior Biden officials had hoped would offer a means of countering China, resolving the Gaza crisis, and topping Trump’s Abraham Accords all in one.
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Saudi Arabia tenders Riyadh Metro Line 7
The Royal Commission for Riyadh City (RCRC) has issued the request for proposal notice to selected firms to design and build Line 7 of the Riyadh Metro project. MEED understands that the client issued the tender notice in mid-September. The RCRC has given consortiums six months to prepare the bids. The submission deadline is 10 March 2025. The RCRC received prequalification forms from contractors for the tender in February this year.
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Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant
“Given the importance of nuclear energy in social and economic development, the Kingdom is moving towards benefiting from nuclear energy and its radiation applications for peaceful purposes,” declared Prince Abdulaziz at the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna.
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September 23 is National Day holiday for private and non-profit sectors
The Ministry of Human Resources and Social Development announced the official holiday date for the 94th National Day for the private and non-profit sectors in the Kingdom. The ministry confirmed that the holiday will be on Monday, September 23, as the National Day falls on that day. The ministry explained that this is in accordance with Article 24 of the Executive Regulations of the Labor Law, and every employer must adhere to what is stated in the second paragraph of this article.
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