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IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]
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Saudi PIF in talks to invest in aspiring Tesla rival Lucid
Saudi Arabia’s Private Investment Fund (PIF) PIF, is reportedly in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter told Reuters on Sunday. A potential investment in the privately-held Lucid Motors presents the PIF an opportunity to own a controlling stake in an electric carmaker at a fraction of the cost of its rumored […]
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Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]
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S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]
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MIT Professional Education Launches New Collaboration with Saudi Arabia’s Al Yamamah University
MIT Professional Education is launching a new collaboration with Al Yamamah University (YU) aimed at “promoting diversity at institutions of higher education and supporting the country’s overall development and sociocultural evolution,” the prestigious university announced on its website. As part of the initiative, MIT Professional Education will “develop and teach professional education courses on leadership and innovation […]
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Saudi, UAE, Kuwait to Support Bahrain Economy after Downturn
Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an “integrated program” to support Bahrain’s economic reforms and its fiscal stability, Reuters reports, citing a joint statement from the three Gulf states on Tuesday. Like other oil producing nations whose state finances are closely tied to oil prices, Bahrain’s economy was hit hard […]
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The Race is On for Ride Sharing Apps in Saudi Arabia to Hire Saudi Women ‘Captinahs’
As Saudi women settle into the driver’s seat, ride-sharing apps like Uber and Careem are gearing up for a race to hire women, according to reports. Careem — the Middle East’s answer to Uber — is recruiting Saudi women to take the wheel and has received over 2,000 applications since announcing it would recruit so-called […]
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Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]
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Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]
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Saudi Crown Prince Mohammed bin Salman in Top 10 World’s Most Powerful People
Saudi Arabia’s Crown Prince Mohammed bin Salman has landed on the Forbes list of the world’s most powerful people for the first time, ranking the powerful young leader within the top 10. “There are 17 new names on the list this year, including Mohammed Bin Salman Al Saud (#8), the Crown Prince of Saudi Arabia,” Forbes writes. “His […]
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MUST-READS
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U.S. and Iraq Try to Recast the Strategic Relationship
The U.S.-Iraq relationship has been undergoing re-evaluation over the past five years, since the March 2019 capture by U.S.-led forces of the Syrian town of Baghouz, the last bastion of physical control by the Islamic State (IS) organization’s “caliphate.” U.S. military personnel, who had been withdrawn from Iraq in 2011, were sent back into the country in 2014 to help destroy the group’s control over major portions of both Iraq and Syria. U.S. forces successfully helped Baghdad rebuild its beleaguered national forces that essentially collapsed at the hands of the IS offensive.
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Saudi Arabia’s game plan for a thriving esports economy: Video
From hosting the first-ever Esports World Cup to announcing plans to build cutting-edge gaming arenas, Saudi Arabia is making big moves in the esports industry. With projections of a $13 billion boost to its economy, CNN’s Eleni Giokos takes a look at how this thriving sector is redefining entertainment and business in a country with a young, tech-savvy population.
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Saudi Arabia is betting big on sports: Video
With bold investments and a bid to host the 2034 FIFA World Cup, Saudi Arabia is aiming to become a dominant force in the global sports industry. CNN’s Eleni Giokos explores how these initiatives are transforming the Kingdom's sports sector and contributing to its broader economic diversification strategy.
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Russian FM meets Saudi crown prince in Riyadh
Russian Foreign Minister Sergei Lavrov visited Riyadh on Monday where he met with Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman and other officials from the six-nation Gulf Cooperation Council.
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Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors
To capitalize on this momentum, the Kingdom has introduced the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative serving as a cornerstone. HIE is designed to significantly boost accommodation capacity in key tourism areas, driving private investments up to $11 billion and increasing the annual GDP by $4.3 billion by 2030.
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Saudi Arabia wins bid to host 6th UN World Data Forum in 2026
Saudi Arabia, represented by the Saudi General Authority for Statistics (GASTAT), has won the bid to host the United Nations World Data Forum in Riyadh in 2026 after a competitive bidding process. The decision was made by the High-level Group for Partnership, Coordination and Capacity-Building for Statistics for the 2030 Agenda for Sustainable Development (HLG-PCCB), the Saudi Press Agency reported. Around 22,000 delegates from 193 countries, including data scientists, officials of the statistical offices of UN member states and individuals interested in statistics, are expected to participate in the global event.
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CNBC’s full interview with Saudi Investment Minister Khalid Al Falih
CNBC's Steve Sedgwick speaks to Khalid A. Al-Falih, the minister of investment for Saudi Arabia, at the Ambrosetti Forum.
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Top five thermal power plants in development in Saudi Arabia
Thermal capacity accounted for 50.5% of total power plant installations globally in 2023, according to GlobalData, with total recorded thermal capacity of 4,608GW. This is expected to contribute 35.2% by the end of 2030 with capacity of installations aggregating up to 5,040GW. Of the total global thermal capacity, 1.97% is in Saudi Arabia.
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Saudi Arabia’s Amaala project advances with $6bn in contracts awarded
Once complete, Amaala will feature nearly 4,000 hotel rooms across 30 hotels, in addition to 1,200 luxury villas, apartments and homes. There will be retail, dining and wellness facilities, and Amaala will be powered entirely by solar energy.
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Russia’s Lavrov, Saudi crown prince discuss OPEC+ cooperation, Russia says
"It was emphasised that the decisions taken recently indicate the growing stability and independence of this unique coordination mechanism of oil-exporting countries, its efficiency and relevance for maintaining the balance of supply and demand in the global energy market."
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