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  • Tadawul Announces Update on Progress To Reforms
     

    Saudi Arabia’s stock exchange, the Tadawul, today provided in a press release “an update of its progress across a range of far-reaching capital market reforms to enhance efficiency, corporate governance, and transparency.” The reforms are part of the Exchange’s efforts to further align Saudi capital market with international standards and make it more attractive to […]

     
  • Saudi Economic Data for February Paints Another ‘Mixed Picture’
     

    Saudi Arabia’s economic data for the month of February 2017 showed a mixed picture for the Kingdom, with foreign reserves falling to $514 billion in February, the lowest since August 2011. The latest Jadwa Investment monthly chartbook for February finds cash withdrawals from ATMs and POS transactions showed a downward trend, but non-oil PMI was […]

     
  • Saudi Shoura Council Takes Aim at Much Maligned Saudi Airports, Demands Vision for Change
     

    The Shoura Council asked the General Authority for Civil Aviation (GACA) Wednesday to establish a strategic vision to make Saudi airports among top ranked globally, achieve competitiveness, ensure safety and serve customers in the best manner, according to reports. Saudis are often embarrassed of their outdated and poorly operated airports and look enviously at other […]

     
  • White House Supports Development of ‘A New United States-Saudi Program’, Endorses Strong Saudi Relationship
     

    The White House released a statement yesterday calling for the development of “a new United States-Saudi program” after the President hosted Deputy Crown Prince Mohammed bin Salman for a lunch meeting. The statement re-affirmed the U.S.-Saudi political, military, security, economic, cultural, and social relationship and the importance of the U.S. and Saudi Arabia working together “based […]

     
  • Saudi Aramco Selects D.C.-Based FTI Consulting as Media Advisor for IPO, Report Says
     

    Saudi Aramco has chosen Washington, D.C.-based FTI Consulting as global media adviser for what is expected to be the world’s largest initial public share offer, industry sources told Reuters. FTI Consulting will join already-tapped financial houses to assist with the listing, including Moelis & Co., Evercore, JPMorgan Chase & Co and Morgan Stanley. FTI “will support Aramco’s communications […]

     
  • U.S., Saudi Arabian Agribusiness Majors May Partner to Bid on Saudi Grains Milling Privatization
     

    Saudi Arabia’s largest private agriculture company, Almarai, and U.S. agribusiness Archer Daniels Midland Co. are reportedly among companies eying Saudi Grains Organization’s (SAGO) milling operations, the kingdom’s sole supplier, according to an exclusive report by Reuters. The state-owned SAGO handles the Kingdom’s grains purchases, and is one of the world’s largest wheat and barley buyers. The company […]

     
  • Despite Major Investments in Uber, Careem, Saudi Arabia Bans Ride-Sharing Apps from Airport Pickups
     

    Saudi Arabia’s government has banned ride-sharing apps from making airport pickups, a report in Al Arabiya said, less than a year after the Kingdom’s Public Investment Fund (PIF) invested $3.5 billion into Uber and STC put $100m into Careem. The announcement is a setback for customers who prefer the ease, convenience, dependability, and safety of ride-sharing apps […]

     
  • Aramco Taps Three Banks to Underwrite ‘Largest Ever’ IPO
     

    Saudi Aramco has asked JPMorgan Chase & Co. and Morgan Stanley to assist with its upcoming initial public offering and could call on another bank, HSBC, with access to Chinese investors, according to separate reports in Reuters and the Wall Street Journal, which cited unnamed sources. The major U.S. banks join Moelis & Co., a […]

     
  • Seven Saudi Soldiers Killed on Yemen’s Border Last Week
     

    At least seven Saudi soldiers have been killed in the past week in clashes with Yemeni rebels, Al Jazeera reports, citing the Saudi Press Agency (SPA). Mohammed al-Manjahi was the latest soldier to be killed on the kingdom’s southern borders in the fight against Houthi rebels. According to an AFP news agency tally compiling reports by the Saudi […]

     
  • Secretary of State Tillerson Calls Saudi King Salman, Applauds Saudi Role in Regional Stability
     

    U.S. Secretary of State Rex Tillerson called Saudi Arabia’s King Salman by phone yesterday, and commended the Kingdom on its role in “promoting stability across the region,” the SPA reports. Tillerson also “stressed on the importance of working with the Kingdom, developing a comprehensive plan to strengthen bilateral relations and cooperation both military and counter-terrorism […]

     

MUST-READS

  • US, Britain, EU to sign first international AI treaty

    The first legally binding international AI treaty will be open for signing on Thursday by the countries that negotiated it, including European Union members, the United States and Britain, the Council of Europe human rights organisation said. The AI Convention, which has been in the works for years and was adopted in May after discussions between 57 countries, addresses the risks AI may pose, while promoting responsible innovation.

  • Pope Francis calls for climate change action during Istiqlal Mosque visit

    Pope Francis on Thursday invited Muslims and Catholics to push global leaders to confront the dangers of climate change and extremism, and spoke of the common roots of different religious beliefs as he visited Southeast Asia's largest mosque in Jakarta. In a day laden with religious symbolism on his trip to Indonesia, the world's most populous Muslim-majority country, the pope issued a joint declaration with the national grand imam and other local faith leaders that called for "decisive action" to address the warming planet.

  • Bahrain, Iran edge closer to normalization despite setbacks

    Signaling a promising development in the region’s diplomatic landscape, Bahrain’s Foreign Minister Abdel Latif bin Rashid Al-Zayani flew to Iran in late July to attend the inauguration of new President Masoud Pezeshkian. The visit was Zayani’s third in recent months. After the sudden death of former president Ebrahim Raisi in a helicopter crash in May, the top diplomat appeared in the Iranian capital to convey condolences on the part of Bahrain’s King. The following month, Zayani participated in a Tehran meeting of the Asian Cooperation Dialogue (ACD).

  • Sustained Economic Growth Hinges on Productivity Gains as Populations Age

    “Productivity isn’t everything,” Paul Krugman wrote in his 1990 book, The Age of Diminished Expectations, “but in the long run it is almost everything.” Productivity is a foundation of prosperity. The only way a country can raise its standard of living sustainably is to produce more with existing or fewer resources. You cannot do that without improving productivity. It’s that simple.

  • IMF Executive Board Concludes 2024 Article IV Consultation with Saudi Arabia

    Oil production cuts led to an overall contraction in growth of 0.8 percent in 2023, albeit non-oil GDP grew by a robust 3.8 percent, driven mostly by private consumption and non-oil investment. The unemployment rate reached historic lows, with women labor force participation rates remaining comfortably above the 30 percent 2030 target. Geopolitical events have not had any major impact on the Saudi economy so far.

  • IMF Saudi Arabia 2024 Article IV Consultation: Press Release and Staff Report

    Saudi Arabia’s unprecedented economic transformation is progressing well. Strong domestic demand is keeping non-oil growth robust while unemployment is at record lows. Inflation is contained and the current account surplus is rapidly narrowing. The recalibration of the authorities’ investment plans would help reduce overheating risks and pressures on fiscal and external accounts.

  • How the Israeli intelligence community got its mojo back

    During these last several days of late August, however, the Israeli intelligence community hit a grand slam by obtaining such exquisite intelligence that it was highly predictive in nature—and not only that, it also likely staved off a wider war. As such, the Israeli intelligence community deserves extraordinary credit for this intelligence coup. According to media reports, the Israelis collected information that not only indicated that Hezbollah was about to launch a significant attack against northern and central Israel, but also the precise time—5:15 a.m. local time on August 25—when the launches would occur and the specific units that would conduct the attacks.

  • Algeria has never seen a smooth transfer of power. It won’t in this election, either.

    Tebboune was first elected in a controversial 2019 poll organized against the backdrop of the Hirak, a mass popular uprising demanding new leadership. The call for transition was a direct challenge to the country’s reigning political order—the shadowy cabal of military and political elites that Algerians refer to as “le pouvoir” (the power).

  • U.S. and Iraqi Commandos Targeted ISIS in Sprawling Operation

    The joint operation in Anbar province came even as Iraq’s prime minister, Mohammed Shia al-Sudani, and Iraqi military commanders say they can keep the ISIS threat under control without U.S.-led assistance. Iraq and the United States are negotiating an agreement that would wind down the mission of the U.S.-led military coalition in Iraq. There are about 2,500 U.S. troops in Iraq and 900 in neighboring Syria.

  • A More Prominent Role for Global Auction Houses in the Gulf Art Scene: “It’s All Coming”

    In a global first, Christie’s auction house recently hosted a mid-career retrospective of Mater’s work: “Ahmed Mater: Chronicles,” nearly 20 years after the first presentation of the artist’s work at the British Museum in 2005. Curated by Ridha Moumni, chairman of Christie’s Middle East and Africa, the show reveals work in a variety of mediums –painting, photography, sculpture, video, and installation – that span Mater’s extensive career to date, from his first artistic experiments during his early years in Abha, Saudi Arabia to his latest projects.