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  • Hilton to Open 35 Hotels, Add 10,000 Rooms in Saudi Arabia as Tourism Sector Soars
     

    Hilton Hotels & Resorts announced it is looking to build 35 new hotels in Saudi Arabia, adding as many as 10,000 rooms over the next 3-5 years, according to reports on comments made by a top executive for the company. The decision to invest in Saudi Arabia – the company’s largest pipeline in the Middle […]

     
  • Kingdom Ends Corruption Crackdown with $106 Billion Recovered
     

    Saudi investigators have recovered assets worth more than $106 billion in an anti-corruption crackdown ordered by Crown Prince Mohammed bin Salman, the royal court said on Wednesday. The crackdown began in November 2017 when Saudi Crown Prince Mohammed bin Salman ordered suspects detained at the Ritz Carlton in Riyadh. The government summoned 381 people, although some appeared only […]

     
  • Secretary of State Pompeo Kicks Off 8-Nation Middle East Tour
     

    Secretary of State Mike Pompeo begins a weeklong tour of eight Arab nations in the Middle East through Jan. 15, including a visit to Saudi Arabia. The Secretary’s schedule will take him to Amman, Cairo, Manama, Abu Dhabi, Doha, Riyadh, Muscat, and Kuwait City. Pompeo will give a major speech about America’s role in the region and privately […]

     
  • Oil Posts Biggest Weekly Gain Since December 2016
     

    Brent crude headed for its biggest weekly gain since December 2016 after several months of price falls as Saudi Arabia’s production cuts outweighed concerns over the health of the global economy, according to reports. The weekly gain – nearly 9% on the Brent crude index – follows three weeks of losses and its worst quarter in […]

     
  • Breakthrough Ceasefire Agreements Reached over Yemen Ports as U.S. Senate Rebukes Trump
     

    The internationally recognized Yemeni government and the Iranian-aligned Houthi movement agreed to a ceasefire around the city of Hodeidah and to remove troops from the area in a potential major turning point for the three year old conflict, according to reports. The agreement was reached at U.N.-brokered talks in Sweden. The port, which is currently under Houthi control, […]

     
  • KPMG Releases Second Edition of its Saudi Arabia CEO Outlook report; Finds Positivity Among Saudi CEOs
     

    KPMG has released its second edition of its Saudi Arabia CEO Outlook report, available as a .PDF from the company’s website here.  The report is based on interviews with 50 CEOs of organizations in Saudi Arabia for their thoughts and insights on the potential opportunities that they have while preparing for the challenges that lie ahead, […]

     
  • Saudi Aramco Aims to Invest $150b to Become Gas Exporter – CEO
     

    Saudi Aramco’s gas expansion strategy needs $150 billion (117.55 billion pounds) worth of investments over the next decade as the company plans to increase output and become an exporter, Reuters reports, citing CEO Amin Nasser’s comments at an industry event in Dubai. Aramco is pushing ahead with its conventional and unconventional gas exploration and production program […]

     
  • Full Text: Saudi Arabia Public Prosecution’s Briefing on the Investigation Results into the Murder of Jamal Khashoggi
     

    Saudi Arabia’s Public Prosecution released a briefing on the investigation into the murder of Jamal Khashoggi in Istanbul. Below is the full text of the briefing, emailed by the Saudi Embassy in Washington, D.C. *** Public Prosecution: A Briefing on the Investigation Results  The Public Prosecution said in a press briefing that through the investigation […]

     
  • Saudi Economy Fundamentals Stable, Continued Growth Expected: Jadwa Investment
     

    A recently released macroeconomic update by Jadwa Investment finds the fundamentals of the Saudi economy remain unaltered and the bank “expects solid growth in the next few years” by 2.2 percent in 2018 (compared to -0.9 percent in 2017), with an improvement in the oil sector lifting oil GDP to 3.2 percent in 2018. Looking out into […]

     
  • S&P says Gulf countries need to raise $300 billion by 2021 – Report
     

    Gulf Cooperation Council (GCC) countries will need to raise about $300 billion between 2018 and 2021, with Saudi Arabia having the largest financing requirements, according to rating agency S&P as reported in Reuters. According to a Reuters report, the S&P expects 70 percent of the $300 billion of combined funding needs to be raised through debt […]

     

MUST-READS

  • Saudi Ambassador to EU says Schengen visa issuance unchanged

    Saudi Ambassador to the European Union Haifa Al-Jedea said that the Schengen visa is still issued in the usual way by visiting the headquarters of European embassies, denying the launch of a system to issue it electronically.

  • Al-Kheraiji: Saudi donations to Gaza surpass $185 million

    Deputy Foreign Minister Eng. Walid Al-Kheraiji said that the value of donations extended by Saudi Arabia to Gaza reached more than $185 million. Addressing the 50th session of the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC), in Yaoundé, capital of Cameroon, on Thursday, the deputy minister renewed Saudi Arabia’s condemnation and rejection of all forms of crimes against the Palestinian people by the Israeli occupation forces.

  • K. Hovnanian to Enhance Saudi Arabia Housing Sector

    Matawan-based Hovnanian Enterprises, Inc., a leading national homebuilder across the United States, announced the signing of a Memorandum of Understanding (MOU) between its subsidiary, K. Hovnanian M.E. Investments, LLC, and the Ministry of Municipalities and Housing of the Kingdom of Saudi Arabia. Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.

  • Rory McIlroy, and ‘the next step’ if a Tour-Saudi deal doesn’t happen

    Rory McIlroy says if a funding deal between the PGA Tour and the Saudi Arabia Public Investment Fund doesn’t happen soon, the PIF will look at “alternative options.” What those options would be was unclear as the Tour and PIF continue to negotiate, 14 months after the sides agreed to do so. McIlroy was speaking after Thursday’s play at the Tour’s season-ending event, the Tour Championship.

  • Saudi Masters Snooker Championship to Start Tomorrow in Riyadh

    The first edition of the Saudi Masters Snooker Championship begins tomorrow in Riyadh. Organized by the Saudi Billiards and Snooker Federation under the supervision of the Ministry of Sport, the tournament will take place at the Green Halls Sports Complex and continue until September 7. It will feature 144 players from around the world. The championship boasts the participation of global stars, led by seven-time world champion Ronnie O'Sullivan and the world's top-ranked player, Judd Trump.

  • Here are all the athletes representing Saudi Arabia at Paralympics Games Paris 2024

    When Saudi Arabia said it was going for global domination, it wasn’t just talking about expanding its regional developments. The Kingdom also had its eyes set on shining on the international stage, particularly in sports where Saudi athletes are stepping into the limelight. With the Paralympics Games Paris 2024 in full swing, Saudi Arabia’s talented athletes are ready to compete and make history.

  • Saudi Arabia’s Hades Financial readies $750m for India investment

    The Riyadh-based group, which manages assets worth $6.1 billion, will deploy the new funds over the next three years. About $400 million from the new allocation will flow into homegrown companies, mostly those ripe for a public flotation within three years, said Mohammed Abrar Asif, co-chief executive officer at Hades, in a recent interview with Nikkei Asia.

  • Saudi high schoolers bring home 3 medals from international astronomy Olympiad

    A group of Saudi high school students returned home on Thursday after securing bronze medals at an international science olympiad. The Saudi Astronomy and Astrophysics team arrived to cheers after representing the Kingdom in its first appearance at the International Olympiad on Astronomy and Astrophysics. Over 250 students from 53 countries gathered in Vassouras, Brazil for the ten-day event.

  • Saudi esports, gaming sectors to boost GDP by $13.3bn

    Esports and the gaming sector could contribute as much as $13.3bn (SAR50bn) to Saudi Arabia’s annual gross domestic product (GDP) and generate nearly 39,000 jobs by 2030, according to a study commissioned by PwC and the Saudi Esports Federation. Saudi Arabia unveiled its National Gaming and Esports Sector Strategy in 2022 to foster a thriving and competitive esports ecosystem as part of Vision 2030, an initiative aimed at social and economic transformation.

  • PIF-backed Saudi companies increase dividends

    This week Saudi Arabia’s former telecom monopoly announced increased dividends. It became the latest company part-owned by the kingdom’s sovereign wealth fund and listed on Riyadh’s bourse to do so. The higher payouts provide a boost to the income of the Public Investment Fund, which it can then reinvest in higher-growth industries and accelerate Saudi’s economic diversification. Other investors can also benefit.