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  • Saudi Arabia, Other Gulf Nations to Join JPMorgan Chase & Co.’s Emerging-Market Bond Indexes
     

    Saudi Arabia and four other Gulf nations will join JPMorgan Chase & Co.’s emerging-market bond indexes this month, Bloomberg reports, “potentially paving the way for billions of dollars in inflows into the securities.” The debt offerings from Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait will represent about 11.8 percent of the EMBI Global […]

     
  • Saudi Arabia Eyes Major Domestic Energy Conservation by 2030, Al Falih Says
     

    Saudi Arabia expects to throttle back domestic energy consumption by 2030 by up to the equivalent of 2m barrels of oil per day, in line with the Kingdom’s Vision 2030 economic and social reform initiative, according to comments made by Khalid Al-Falih published by Reuters. Saudi Arabia has long used easily extracted oil reserves for […]

     
  • A Gradual Pickup in Private Sector Lending in Saudi Arabia Seen in Monetary Update
     

    A recently-released report by Jadwa Investment finds a gradual pickup in private sector lending since April 2018 after showing a slowdown in 2017 and Q1 2018. The Monetary and Financial Update report from the Riyadh-based Jadwa looks at the Kingdom’s monetary policy and other key economic data. Jadwa Investment sees “a rising level of uncertainty” in the […]

     
  • Saudi Arabia Seeks Balanced Budget by 2023 – Al Jadaan
     

    Saudi Arabia’s finance minister told Reuters on Wednesday he was “unconcerned with current oil prices impacting spending plans in 2019″ and the government still aims to close its budget deficit by 2023 – though the target is not set in stone. The government unveiled a $295 billion budget on Tuesday, the kingdom’s largest, with a […]

     
  • Saudi Government ‘Rejects’ U.S. Senate Rulings on Saudi Arabia But Pledges to Continue Building Relationship
     

    The government of Saudi Arabia issued a statement condemning a recent U.S. Senate resolution blaming Crown Prince Mohammed bin Salman for the killing of journalist Jamal Khashoggi, and said the government rejects external interference in its affairs. The Senate measure, which passed in a rare bipartisan vote with unanimous approval on Thursday, was a sweeping condemnation of Crown […]

     
  • OPEC, Russia Will Cut 1.2 million Barrels of Oil Production a Day; Price Jumps
     

    OPEC and Russia have agreed to collectively throttle back oil production by 1.2 million barrels per day to dry up a global supply glut, according to energy reporters from the Wall Street Journal. OPEC nations would cut 800,000 barrels and the Russia-led group would handle the remainder, according to the WSJ. Oil prices on indices […]

     
  • Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’
     

    In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a […]

     
  • King Salman Delivers Opening Speech at Shoura Council
     

    King Salman gave his annual speech at the opening of the third year of the Shoura Council’s seventh session on Monday and discussed a number of regional and local issues. The King urged the international community on Monday to halt Iran’s nuclear and ballistic missile programs, and reiterated the kingdom’s support for U.N. efforts to […]

     
  • Gulf Economies Recovering, but Oil Price Volatility Threatens to Weigh on Future Growth – IMF
     

    A recently released report by the IMF found that economic growth in Gulf states will recover in 2018 from a contraction last year, but that future growth remains vulnerable to volatility in crude oil prices. The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf […]

     
  • Saudi Non-Oil Activity Ticks Up in October
     

    Saudi Arabia’s non-oil economy ticked upward in October “thanks to higher employment and growth in new orders because of increased demand from overseas,” data from the latest purchasing managers’ index show. The headline Emirates NBD Purchasing Managers’ Index (PMI) rose slightly to 53.8 in October from 53.4 in September. A reading above 50 indicates that the non-oil […]

     

MUST-READS

  • Riyadh’s inaugural FinTech 24 conference attracts over 37,000 visitors

    The event was hosted by the Financial Sector Development Program, Saudi Central Bank (SAMA), Capital Market Authority, and Insurance Authority, and jointly organized by Fintech Saudi and Alliance, a venture between the Federation for Cybersecurity, Programming and Drones, Informa Global, and the Investment Events Fund.

  • Saudi Arabia’s NEOM Green Hydrogen Plant launches mass recruitment drive

    NEOM Green Hydrogen Company (NGHC) has initiated a major recruitment campaign for its world-leading green hydrogen plant in Saudi Arabia’s futuristic city NEOM, as the project moves closer to its operational phase. The $8.4 billion facility, set to be the world’s largest green hydrogen production plant, is progressing on schedule for full operations by the end of 2026. The project aims to produce up to 600 tonnes of carbon-free hydrogen daily, potentially eliminating five million tonnes of CO2 emissions annually

  • Saudi PIF spending to reach $70b a year early

    Saudi Arabia’s Public Investment Fund (PIF) is set to increase its annual spending to $70 billion (Dh257 billion) by 2025, a year ahead of its earlier schedule, according to the International Monetary Fund (IMF). PIF’s governor Yasir Al Rumayyan announced at a Saudi investment summit that the fund planned to boost its annual capital expenditures from approximately $50 billion (Dh183 billion) to $70 billion (Dh257 billion) starting in 2026.

  • Saudi Arabia invites Chinese companies to invest in key industrial sector

    Minister of Industry and Mineral Resources Bandar Al-Khorayef has invited Chinese companies to invest in promising industrial sectors identified in Saudi Arabia’s National Industrial Strategy, including automotive, food, pharmaceutical, and aviation industries. The invitation was extended during a roundtable meeting organized by the Federation of Chambers of Commerce in Guangzhou as part of Al-Khorayef’s official visit to China.

  • Saudi Film Pioneer Faisal Baltyuor Launches First Arthouse Cinema in Riyadh

    Saudi Arabian film industry pioneer Faisal Baltyuor is opening the first arthouse cinema in Riyadh in what amounts to a milestone in the kingdom’s moviegoing trajectory ever since Saudi lifted its 35-year ban on cinema in late 2017. The plush state-of-the-art 80-seat venue, called Cinehouse, is set to open in the Saudi capital later this month.

  • Saudi players arrive in China ahead of World Cup qualifier

    The Saudi national team arrived in the Chinese city of Dalian on Friday ahead of their World Cup qualifier there next week. The Green Falcons will face China on Tuesday night at the Dalian Suoyuwan Football Stadium, in the second game of the third round of the Asian qualifiers for the 2026 World Cup.

  • Saudi Arabian Military Industries Announces Retirement of CEO, Names Interim Chief

    Abukhaled took over as chief of the Saudi defense business in 2020, succeeding Andrew Schwer, a German national and former executive at Rheinmetall. Before leading SAMI, Abukhaled was CEO of the Middle East unit of Northrop Grumman. Under his leadership, SAMI underwent significant expansion and growth, acquiring several businesses, including Advanced Electronics Company and Alsalam Aerospace. He also led efforts to seal joint ventures and contracts, the most recent being a $3 billion deal with Turkish Baykar to produce Akinci drones in Saudi Arabia.

  • Saudi Arabia’s Public Investment Fund to transfer its gaming stock to Savvy Games Group

    Saudi Arabia's Public Investment Fund is set to transfer its games-related stock to its subsidiary Savvy Games Group. The move could happen as early as 2025, according to a Savvy representative talking to Nikkei, with the initiative part of a wider plan to leverage IP across the Middle East, the Japanese publication reported.

  • Saudi Arabia studies over 2,000 mineral exploration license applications: SGS

    The Ministry of Industry and Mineral Resources is currently processing over 2,000 local and international license applications, including around 2,000 for exploration and approximately 139 for mining, Abdullah Al-Shamrani, CEO of Saudi Geological Survey (SGS). Additionally, he said that more than 2,300 mining licenses have been issued, reflecting significant growth in the sector, Asharq Al-Awsat reported.

  • Perspective: Will Saudi Arabia’s big bet on the Qiddiya gaming and esports city pay off?

    Milanov is now head of gaming at Qiddiya, a dreamy “Giga Project” under way near Riyadh in Saudi Arabia. The Saudis want 17 million visitors a year to go to Qiddiya by 2030, making it the “largest tourism destination worldwide.” Not so different from Team Liquid’s heaquarters, the aim of Qiddiya is to build a whole city where gamers, esports athletes and their fans can feel at home, and Milanov is moving into high gear soon to sell people on the idea of Qiddiya. Will giant sandworms get him, or will it all pay off?