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  • 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 […]

     
  • 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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