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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Syrian Rebels Summit As Riyadh Eyes Political Solution
Rebel factions in Syria’s bloody 4-year civil war meet in Saudi Arabia this week for a conference as Riyadh looks for a political solution to the crisis. Around 100 representatives of the Syrian opposition representing 70,000 “moderate rebels” in the fight held the first meeting of its kind in the Saudi capital. Western nations have observer status at […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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Saudi Forces Train to Fight in Rugged Mountain Terrain as War in Yemen Continues
Military personnel from Saudi Arabia were photographed by the official Saudi Press Agency (SPA) training in remote mountain terrain as the battle against the Houthi rebels in Yemen continues. Victory has remained elusive for the Saudi-led coalition fighting in Yemen, but steady gains on the back of coalition airstrikes have turned the tide in the […]
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Saudi Shoura Council Approves Tax on Vacant ‘White Properties’ in Saudi Arabia
Saudi Arabia’s Shoura Council has approved a plan to tax landowners on vacant properties following an earlier Saudi Cabinet decision to pursue a tax on so-called ‘white properties.’ The plan was approved by Saudi Arabia’s King Salman in March and the issue was sent to the Shoura council to be voted upon. It still awaits […]
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KAUST Announces New Partnership with Dow, Launches Venture Capital Fund with ICD
Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD). The university’s campus is now the future home of the new Dow Middle East […]
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Saudi Stock Market’s Key Players Undertake Roadshow to Promote Investment in Saudi Arabia’s Tadawul
Key players in Saudi Arabia’s stock market have embarked on a “global roadshow” abroad to show off the attractiveness of the investment climate in Saudi Arabia, according to reports, with officials meeting potential investors in New York, London, and Singapore. Saudi Arabia’s Tadawul opened to wider foreign investment in July 2015, but it did so […]
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Uber Eyes Fast-Growing MENA Markets for $250m Expansion
Uber Technologies Inc. is investing $250 million to expand in the Middle East and North Africa, which have some of the ride-sharing service’s fastest-growing markets, Bloomberg reports. Uber is already in Saudi Arabia, and the ride-sharing app is having a significant impact on the transportation economy there. And Uber is also making a social impact. Since […]
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MUST-READS
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UAE, Saudi Arabia lead strong GCC consumer shift towards flexitarianism, healthy eating
The GCC region, especially the UAE and Saudi Arabia, is seeing a strong consumer shift towards eating healthy, with an increasingly high share of non-vegetarians opting for more plant-based diets, industry experts said. This shift is poised to trigger a projected eight-fold surge in the size of the plant-based meat market to $500 million by 2030 from a mere $60 million in 2023, recent market research suggests. In contrast, the region’s meat market, estimated at $17 billion last year, is projected to reach only $26 billion during this period – a mere 53 percent rise.
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Netanyahu sketches vague outline for post-war Gaza
Israeli Prime Minister Benjamin Netanyahu sketched a vague outline of a plan for a "deradicalized" post-war Gaza in a speech to Congress on Wednesday and touted a potential future alliance between Israel and America's Arab allies. While dozens of Democrats boycotted his remarks and thousands of pro-Palestinian protesters demonstrated nearby, Netanyahu dismissed criticism of an Israeli campaign that has devastated the Palestinian enclave and killed more than 39,000 of its residents, according to Gaza health officials.
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Staggering 68 pct of Saudi firms plan to use GenAI for enhanced security: Study
Some 68 percent of organizations in Saudi Arabia plan to use generative AI (GenAI) within the next 12 months to enhance security measures, a new study by exposure management company Tenable found. The data for the study was commissioned in October 2023 by Forrester Consulting on behalf of Tenable.
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Temporary ban on Brazilian poultry imports will not impact Saudi market, says committee
The National Committee of Poultry Producers at the Federation of Saudi Chambers has downplayed the impact of the temporary ban on importing poultry products from Brazil due to the outbreak of Newcastle disease on the Saudi market. The committee's chairman, Mohammed Al-Shaya, stated that the temporary ban from Brazil would not significantly affect the quantities available in the Saudi market or the prices. This is because the Kingdom relies on local production to meet its market needs for both fresh and frozen poultry.
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Communication gaps hinder Saudi gigaprojects
In hindsight, the lack of detail was due to the fact that their masterplans had either not been completed or approved, which meant that specific project elements could not be publicised. For example, the Red Sea project was first announced in mid-2017, but it was not until early 2019 that its masterplan was approved and more details could be revealed.
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Saudi Coffee: A New Chapter in the History of Arab Coffee
The country consumes over 80,000 tons of coffee annually, ranking among the top 10 countries worldwide in terms of consumption per capita. The market imports 70,000-90,000 tons of coffee annually, and Saudis spend over 1 billion Rials on coffee annually. By the end of 2021, the kingdom had 400,000 coffee trees in 600 farms, with plans to plant 1.2 million by 2025.
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Thousands protest as Netanyahu addresses US Congress
Thousands of people gathered in Washington DC to protest against Israel's Prime Minister Benjamin Netanyahu, who delivered a speech to the US Congress on Wednesday. He said America and Israel "must stand together" and prompted several standing ovations in the chamber as he gave his address. Mr Netanyahu also criticised the demonstrators gathered outside, who he called "Iran's useful idiots". Dozens of lawmakers refused to attend his speech in protest.
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U.S. Exports to the Arab World Jump By 12 Percent to $65.3 Billion
According to data released last month by the U.S. Census Bureau, U.S. goods exports to the Arab world jumped 12 percent to $65.3 billion in 2023, marking the first year-on-year increase in U.S. exports to the Middle East and North Africa (MENA) since the COVID era in 2021.
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Saudi provides food aid to Sudan, Yemen
The Kingdom’s aid agency KSrelief has continued to provide food to vulnerable families in Sudan and Yemen, the Saudi Press Agency reported on Wednesday. In the River Nile state of Sudan, 1,200 boxes of food were given to 6,900 individuals affected by the ongoing conflict in the country. In the Al-Mansoura district of Yemen’s Aden governorate, KSrelief handed out 413 boxes of food for 2,891 individuals, as a part of its continuing aid project in the war-torn country.
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Undiscovered Saudi: The ultimate guide to Yanbu
Yanbu, also known as Yambu or Yenbo, derives its name from the springs that originate in the city. Located in the Madinah Province, it is in close proximity to the Red Sea and is often overlooked for the nearby Jeddah. Yanbu is one of the two main Red Sea hubs for underwater adventures and boasts a history dating back more than 2,000 years – Lawrence of Arabia’s former home, anyone?
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