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  • Pompeo Leaves Saudi Arabia, Arrives in Turkey
     

    U.S. Secretary of State Mike Pompeo concluded his visit to Saudi Arabia and is now in Turkey to meet with Turkish officials including President Erdogan, according to reports. Pompeo said the government pledged to hold anyone accountable in the disappearance of Saudi journalist Jamal Khashoggi. “[The Saudi government] made a commitment to hold anyone connected […]

     
  • Saudi, Kuwait, UAE Agree to Give Bahrain $10b
     

    Saudi Arabia, Kuwait and the United Arab Emirates have agreed to give Bahrain $10 billion to “support the country’s funding requirements,” Reuters reports, as Bahrain embarks on a fiscal program aimed at eliminating its budget deficit by 2022. The move by Saudi Arabia, Kuwait and the UAE “makes sense economically” because “any collapse of Bahrain’s currency […]

     
  • 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 […]

     
  • 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 […]

     
  • 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. […]

     
  • 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, […]

     
  • 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 […]

     
  • 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 […]

     
  • 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 […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia Shifts $1 Trillion Investment Focus: Clean Energy And Diversification Over Oil, Says Report

    Goldman Sachs’ report reveals that approximately 73% of this capital expenditure will be directed towards non-oil sectors, a significant increase from the earlier forecast of 66%. The clean energy sector is poised to benefit greatly, with funding expected to rise to $235 billion from an earlier estimate of $148 billion. This increase is driven by an ambitious expansion in renewable energy capacity, with Saudi Arabia more than doubling its 2030 target for solar power.

  • Saudi cement companies explore mergers amid market tension

    The crowded cement sector in Saudi Arabia is experiencing tensions due to its varying market shares, according to Majed Al Osailan, vice chair of the National Cement Committee. He noted that despite initial slow demand, renewed spending on construction has led to a shift, with most companies now able to meet market needs. The cement sector saw its first merger between Qassim Cement and Hail Cement, according to Argaam news, with another planned between City Cement and Umm Al-Qura Cement. NCC chair Badr Johar said that demand for cement is expected to strengthen substantially from late September 2024 to February 2025.

  • Faked video targeting France and UAE likely Russian despite Moscow’s links to Gulf Arab states

    It remains unclear why Russian operatives would choose to publish such a video falsely claiming the Emirates halted a French arms sale, which appears to be the first noticeable effort by Moscow to target the UAE with a disinformation campaign. The Emirates remains one of the few locations to still have direct flights to Moscow, while Russian money has flooded into Dubai’s booming real estate market since President Vladimir Putin launched his full-scale invasion of Ukraine in 2022.

  • Iraq touts deal with U.S. to withdraw most troops by 2026

    Defense Minister Thabit al-Abbasi said the two nations had reached an agreement that would transition Operation Inherent Resolve, the U.S.-led military mission set up a decade ago to combat Islamic State militants in Iraq and Syria, into a “sustainable security partnership” and would remove in two stages the roughly 2,500 U.S. troops now stationed in Iraq.

  • A new crisis may plunge Libya back into chaos

    The upheaval is the consequence of a spat that flared in August but was long in the works, experts say. A move by forces close to Prime Minister Abdulhamid Dbeibah, who leads the government in western Libya, centered in the capital Tripoli, saw officials in the Central Bank kidnapped and led the bank’s longtime governor, Sadiq al-Kabir, to flee into self-imposed exile in Turkey. The Central Bank, which is the sole legal repository of Libya’s oil-generated wealth, ceased functioning. Oil exports were quickly shut down.

  • Why the Kremlin Is Drifting Closer to Houthi Rebels in Yemen

  • Saudi Arabia: Former Public Security Chief Jailed 20 Years Over Forgery, Bribery And Embezzlement

    The court issued an irrevocable ruling and jailed Lt. Gen. Khalid bin Qarar Al-Harbi for an initial 10 years for forgery and bribery. His SR1 million fine and seized embezzled funds will be deposited in the government’s treasury. Al-Harbi was also handed an additional 10 years’ imprisonment after the court convicted him of misusing authority for personal gains, exploiting government contracts and embezzling public funds.

  • Saudi Arabia calls for more pressure on Iran as Houthi threat grows

    Saudi Arabia, which supports the Yemen government opposing the Houthis, believes Iran has been arming the group, including with the weapons used in the attacks on commercial shipping in the Red Sea. Those attacks have led to a halving of the traffic on the Red Sea route, pushing up the costs of maritime transport and damaging the Egyptian economy through disruption to the Suez canal.

  • CMA Chief unveils 3-year strategy to bolster Saudi capital market’s global standing

    Announced on September 12, 2024, the newest CMA strategic plan is structured around three main pillars and nine strategic objectives. The first pillar aims to activate the role of the capital market in financing and investment by enhancing the role of the stock market in financing, and developing the Sukuk and debt instruments market. It also aims to enable the growth of the asset management industry, and enhance capital market services to attract more international investments.

  • Saudi Arabia condemns Netanyahu’s storming of Palestinian Jordan Valley

    Saudi Arabia’s Ministry of Foreign Affairs strongly condemned Israeli Prime Minister Benjamin Netanyahu’s storming of the Palestinian Jordan Valley in what it described as a “provocative attempt” to expand illegal settlements, the Saudi Press Agency (SPA) reported on Thursday. The Israeli PM’s intrusion “aims to expand settlements that violate all international laws and legitimate decisions,” SPA cited a ministry statement as saying.

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