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Saudi National Day Becomes Global Celebration
Buildings in Saudi Arabia and around the world were colored in the Saudi national color of green as millions celebrated the Kingdom’s 88th national day. The Burj Khalifa in the UAE was illuminated with the Saudi flag last night, while the Nasdaq Tower’s electronic billboard in New York’s Times Square was lit up with photos of […]
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Saudi Arabia’s SABIC Gets Green Light to Buy 24.99% stake in Clariant, Creates Joint Venture
Saudi Arabia’s SABIC has received a green light to go ahead with its planned acquisition of 24.99% of Swiss chemical company Clariant, and is now proceeding with a new joint venture with the company, according to the Wall Street Journal. SABIC will pay $2.5 billion for the stake and “now the two companies are creating […]
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Al-Falih Denies Reuters Report of Cancelled Saudi Aramco IPO
Saudi Arabia is refuting a Reuters report yesterday that said the Kingdom was cancelling its planned IPO for Saudi Aramco, according to comments made by the Kingdom’s minister of energy Khalid Al-Falih. “The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” Al-Falih said. […]
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Report: Top Tech Companies Remove Accounts Related to Anti-Saudi ‘Iranian Propaganda Operation’
Facebook, Twitter, and Alphabet collectively removed hundreds of accounts tied to an alleged Iranian propaganda operation on Tuesday, while Facebook took down a second campaign it said was linked to Russia, according to a Reuters report. Facebook Chief Executive Mark Zuckerberg said the accounts identified on his company’s platform were part of two separate campaigns, […]
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Saudi’s SAMA Warns Against Cryptocurrencies
The Saudi government has outlawed using and trading in Bitcoin, citing the high risk and negative consequences in the cryptocurrency. Saudi Arabia’s Monetary Agency (SAMA) warned against trading in digital currencies for “their negative consequences and high risks on traders as they are out of government supervision.” SAMA continued that cyptocurrencies like Bitcoin “are illegal in the kingdom […]
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Conflicting Reports on PIF Interest in Massive Tesla Stake
Conflicting reports have surfaced on the interest level of Saudi Arabia’s sovereign wealth fund in purchasing a large stake in Tesla, which could enable the electric car company founded by Elon Musk to go private. Saudi Arabia’s Public Investment Fund (PIF) is “working to be part of any investor pool that emerges to take Tesla private,” Bloomberg News […]
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Higher Oil Prices Push Saudi Quarterly Revenue Up 67%
Saudi Arabia’s second-quarter budget revenue increased 67 percent from the year-earlier period, Bloomberg reports. Revenue climbed to 273.6 billion riyals ($73 billion), boosted by an 82 percent increase in oil revenue; non-oil revenue rose 42 percent to 89.4 billion riyals ($24 billion), while the budget deficit fell to 7.4 billion riyals ($2 billion), according to […]
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Third Cinema Operating License Awarded in Saudi Arabia as Entertainment Sector Heats Up
Saudi Arabia’s Minister of Information and Chairman of the General Authority for Audiovisual Media Dr. Awwad Al-Awad awarded the third cinema operation license to the Al-Rashed United Group — Empire Cinema as the Kingdom’s entertainment sector heats up. US giant AMC and Dubai-based Vox Cinemas received the first two licenses and have already opened theaters in April […]
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Saudi Research and Marketing Group, UK-Based Independent Ink Media Deal
Last week, the Saudi Research and Marketing Group (SRMG) and the UK-based Independent announced an exclusive licensing deal that will lead to the creation of four new online news services offering “the highest-quality, free-thinking, independent news, insight and analysis on global affairs and local events,” according to reports. SRMG, the middle east’s biggest publisher whose mastheads […]
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KAPSARC Report: The $200 Billion Annual Value of OPEC’s Spare Capacity to the Global Economy
A recent peer-reviewed report by the King Abdullah Petroleum Studies and Research Center (KAPSARC) finds that OPEC’s spare capacity reduces oil price volatility and generates between $170 and $200 billion of annual economic benefits for the global economy. “Rising international oil prices and increased geopolitical uncertainty have put OPEC’s spare production capacity back into the spotlight,” […]
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MUST-READS
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Cut Oil Supply or Drop Riyal Peg? Saudis Face ‘Critical’ Choice
Contracts used to speculate on the riyal’s exchange rate in the next 12 months are trading near a 13-year high, after hitting a new one on Thursday. Six-month contracts are barely changed from a seven-year high, even after the country’s oil minister said OPEC is working with other oil producers to stabilize the market.
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Perspective: In the battle against IS, where is the Arab coalition?
The absence of Arab air forces creates a political — not military — void, even though Russia, France and America are fully capable of waging an air war against IS. The coalition is missing the Muslim answer to the self-proclaimed "Caliph Ibrahim."
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What about tourism in Saudi Arabia?
Many people have recently been discussing the important and rapidly growing tourism industry in Saudi Arabia. The tourism sector which focuses primarily on religious tourism has suffered from opposition to the issuing of tourist visas.
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Saudi Arabia is growing less wheat, so can Australia fill the need for imports?
In the mid 2000s, the Kingdom's leaders realised the cost of water subsidies they were paying farmers was far greater than the cost of buying grain on the international market, so the policy was unwound.
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The Empathy Gap: Why Have the Paris Attacks Gotten More Attention Than the Beirut Bombings?
Seldom do events line up so neatly, offering a clear comparison, as the bombings in Beirut and the rampage in Paris.
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How do you smuggle 48,000 cans of Heineken into Saudi Arabia? Disguise it as Pepsi.
Legally, alcohol is banned in Saudi Arabia. In reality, however, there are people in the country who drink.
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Can Russia Withstand Saudi Onslaught In The European Oil Market?
The Saudi move into Europe—threatening Rosneft’s volumes and hinting at a possible price war in Europe—intensifies the pain Saudi market share and pricing strategy and European and U.S. sanctions were already causing Rosneft.
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Argument: Islam Is a Religion of…?
In the age of al Qaeda, the Islamic State, and Boko Haram, is there a link between the violence these groups perpetrate and the faith they profess?
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Why don’t many Saudi graduates have skills for employment?
A knowledge-based society is pivotal for the sustainable growth of our economy. Dr. Asmaa Al-Fadala Director of Research at the Qatar-based World Innovation Summit for Education stressed the role that education plays in economic development.
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What is Michelle Obama asking Arab men to do?
Michelle Obama is turning to a new ally in her campaign to improve girls' education and career opportunities around the world: Arab men.
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