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  • Development on Jeddah Tower and Surrounding Economic City Moves Forward After Alwaleed’s Release
     

    Construction of what is planned to be the world’s tallest skyscraper in Jeddah is going ahead following the release of Saudi Arabia’s Prince Alwaleed bin Talal, the head of the consortium behind the $1.5 billion project said. Mounib Hammoud,  chief executive of Jeddah Economic Co (JEC), said in an interview that the project will ideally be completed […]

     
  • Saudi Economy to See 1.5% Growth in 2018, Jadwa Says
     

    The Saudi Arabian economy will grow by an estimated 1.5 percent in 2018, up from a contraction in 2017 of -0.7 percent, according to a new report from Riyadh-based economic analysts at Jadwa Investment. “The oil sector will see the largest improvement in the year ahead, rising to 1.5 percent in 2018, compared to a decline […]

     
  • Saudi Crown Prince Mohammed bin Salman will Visit Washington, Other U.S. Cities in Early March
     

    The Royal Embassy of Saudi Arabia in Washington is working to organize a visit by crown prince Mohammed bin Salman to the United States in early March, the first trip to the U.S. since he became crown prince last year, according to reports. Rumors of a forthcoming visit by the powerful crown prince have surfaced in […]

     
  • At Davos, Saudi Leaders Discuss Energy, Foreign Policy on World Stage
     

    Saudi government leaders arrived to Davos, Switzerland for the annual World Economic Forum to meet with other world leaders and discuss key foreign policy and energy challenges facing the Kingdom. The 48th Annual Meeting in Davos will host 3,000 participants across all stakeholder groups including public & private sectors, civil society, academia, media, and arts & culture. The Saudi delegation is led […]

     
  • Report: Saudi Government, SBG in Talks for State Takeover of Troubled Construction Giant
     

    Saudi Arabia is taking managerial control of Saudi Binladin Group (SBG) and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention, Reuters reports today citing sources. Binladin is the biggest builder in the country and important to Saudi Arabia’s plans for […]

     
  • Saudi Aramco, Partners Launch Offshore Focused Shipyard at Ras Al-Khair Industrial City
     

    Saudi Aramco and partners announced a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. Along with UAE-based Lamprell, the National Shipping Company of Saudi Arabia (Bahri), and South Korea-based Hyundai Heavy Industries, Saudi Aramco says the shipyard will be focused on […]

     
  • Omar Bahlaiwa Honored at Johns Hopkins Forum Alongside U.S. Congress Leaders
     

    Omar Bahlaiwa, Saudi businessman, member of the board of directors of the Saudi-US Trade Group (SUSTG), member of the Saudi Committee for International Trade (CIT) and previously Secretary General of CIT as well as acting Secretary General for the Council of Saudi Chambers of Commerce was honored at the Annual Transatlantic Economic Forum held at the Johns […]

     
  • Trump Administration, Saudi Government at Odds over Yemen Blockade, Jerusalem Decision
     

    In an unusual public demand of Saudi Arabia, President Trump has called on Saudi leaders to ease the blockade of Yemen to allow for humanitarian aid to assist the war-torn and decimated country. “I have directed officials in my administration to call the leadership of the Kingdom of Saudi Arabia to request that they completely […]

     
  • Energy Secretary Rick Perry Meets with Top Saudi Leaders; Photos from Visit Go Viral
     

    U.S. Secretary of Energy Rick Perry visited Saudi Arabia over the weekend as part of a tour of three Gulf states, his first trip to the region since becoming the top U.S. energy official. Secretary Perry’s tour of Saudi Arabia was packed with events and visits with key Saudi officials as well as energy institutions in the […]

     
  • UAE, Saudi Arabia to form new ‘Joint Cooperation Committee’
     

    The United Arab Emirates on Tuesday announced it has formed “a new economic and partnership group” that is a “joint cooperation committee” with Saudi Arabia, separate from the Gulf Cooperation Council, in a move that further emphasizes Saudi-UAE alignment amid a diplomatic crisis with member state Qatar. The Emirati Foreign Ministry announcement was made just hours ahead of a […]

     

MUST-READS

  • Saudi Aramco Q2 profit drops 3.4 percent on lower volumes, refining margins

    Oil giant Saudi Aramco on Tuesday reported a 3.4 percent fall in second-quarter profit on lower crude volumes and softer refining margins. Aramco posted second-quarter net income of 109.01 billion riyals ($29.03 billion) in the three months to June 30, beating a company-provided median estimate from 15 analysts of $27.7 billion.

  • Houthis step up pressure on foreign organizations in Yemen

    Amid continued British-US airstrikes in Yemen, the Ansarullah movement—better known as the Houthis—has significantly intensified its intimidation tactics in the country. Since May 31, the group has arbitrarily arrested UN staff as well as employees of international and national organizations operating in Sana’a. Moreover, in June, the Houthis declared that they had detained an “American-Israeli” spy cell “directly linked to the CIA”—accusing those arrested of engaging in “espionage and sabotage in both official and unofficial institutions.” They subsequently broadcasted what appeared to be forced confessions from ten former employees of the US embassy, which closed its operations in 2015.

  • Saudi Arabia announces major labour law changes; maternity leave extended, new notice rules, more paid leave

    Wide ranging changes include the extension of maternity leave, paid leave for the death of a sibling and defined notice periods for indefinite contracts. The Ministry of Human Resources and Social Development indicated that the recent amendments to several articles of the labour law, approved by the Cabinet session on Tuesday, August 6, will contribute to creating a more attractive work environment for employees and achieving sustainable development, in line with the goals of Saudi Vision 2030.

  • The road ahead for banks in the GCC region: 7 priorities

    The financial sector in the Gulf Cooperation Council (GCC) has managed to outperform the global average on several financial metrics, according to the McKinsey & Company study, including on return on equity (by three or four percentage points), margins, and cost-to-asset ratios.

  • Saudi Arabia mitigates environmental damage by recycling 100,000 electronic devices

     Saudi Arabia has managed to recycle more than 100,000 electronic devices so as to reduce their environmental damage and build a sustainable digital future that supports efficient use of resources. The Kingdom’s collaborative efforts with the International Telecommunication Union (ITU) to develop e-waste management regulations in three countries stand out with the aim of turning major challenges into opportunities and helping these countries adopt the best sustainable solutions.

  • Saudi Arabia is now self-sufficient in fig production, says agriculture ministry

    Saudi Arabia has achieved self-sufficiency in fig production, with annual output exceeding 28,000 tonnes on 1,421 hectares of land across the country, the Ministry of Environment, Water and Agriculture has announced. In a statement posted on its website over the weekend, the MEWA said Jazan and Riyadh are the biggest producers with annual production in tonnes of 9,906 and 8,010, respectively.

  • Minister Al-Sheikh hails Saudi leadership for championing moderate Islam and combating extremism

    Ministers of Islamic affairs and endowments as well as muftis, heads of Islamic councils, associations and institutions from 60 countries are taking part in the 9th Conference of Ministers of Endowments and Islamic Affairs from Islamic Countries, which began in Makkah on Sunday. The Saudi Ministry of Islamic Affairs, Call and Guidance, is hosting the conference under the theme of “the role of ministries of endowments and Islamic affairs in promoting and consolidating the principles and the values of moderation.”

  • Saudi Arabia welcomes 27 million visitors in 2023, with GCC tourists contributing $4 billion

    Saudi Arabia’s tourism sector saw exceptional growth in 2023, with 8.6 million visitors from GCC countries alone contributing $4 billion to the kingdom’s economy, according to the Ministry of Tourism. Bahrain led as the top GCC source market with 3.4 million tourists, followed by Kuwait with 2.3 million, the UAE with 1.4 million, Qatar with 1.1 million, and Oman with 455,000 visitors.

  • E-sports World Cup and Olympics: Lasting Impact of E-sports on the Economy is in Full Display

    Revenues in the Saudi gaming sector are projected to hit $10.6 million in 2024, registering a growth rate (CAGR) of 8.90% over the next eight years, between 2024 and 2032. Much of this growth is largely driven by supportive government policies and investments, a rise in business expansion activity in Saudi Arabia, and the uptick in the popularity of e-sports among Saudis. Roughly two-thirds (67%) of the Saudi population consider themselves gamers. This signifies the rise in demand for consumption as the gaming culture continues to unabashedly take hold.

  • Market value of listed Saudi companies falls by $47.03bln, impacted by sharp drop in global markets

    The shares of 223 Tadawul listed Saudi companies declined at the end of their trading on Sunday. This is in the first trading session after the collapse recorded by global markets at the end of their weekly trading, coinciding with the decline in oil prices by more than three percent.