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FM Al-Jubeir: Most Effective Way to Solve Regional Crises ‘Through our close partnership and alliance with the United States of America’
U.S. Secretary of State John Kerry on Thursday stood by ally Saudi Arabia in its widening rift with Iran over the execution of a Shiite cleric while urging the regional rivals to pursue a diplomatic solution, the Associated Press reports. Kerry said Washington stands by its friends, “but we also want to see diplomacy work. […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
As Saudi Arabia appears to actively consider a potential IPO for its state-owned oil company, Saudi Aramco, two conflicting reports emerged today about the potential scope of the offering. On Thursday of last week, Saudi Arabia’s deputy crown prince Mohammed bin Salman told the Economist in an interview that he was optimistic about the potential […]
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Saudi Stocks Hit 4-Year Low as Global Markets Shudder at China’s Second Halt in Trading This Week
Saudi Arabia’s stock market has continued a tumultuous start to the new year, with the Kingdom’s benchmark index falling another 4.8 percent on Thursday to a four-year low. According to the Financial Times, the drop this year has totaled 10.6 percent, and leaves it 44 per cent weaker than its post financial crisis peak in 2014. The TASI […]
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Video Released Shows Timelapse Construction on Riyadh’s Metro Project
A recently released video by the leading construction partners on Riyadh’s metro project highlighted the progress made on the mega-project that will change the way the city’s residents get around. In October, the Riyadh metro project hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling […]
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GE secures $1b contract to produce gas and steam turbines to power more than 500,000 homes in Saudi Arabia
GE has been awarded what the company called a “landmark contract” with Saudi Arabia valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). The plant, scheduled for completion in 4 years, will support the phosphate mining […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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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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MUST-READS
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Lower Oil Prices Challenge Saudi Fiscal Policy
Oil prices have slumped in recent weeks. Brent fell from close to $88 per barrel in early July to $71/bbl in early September. Growing worries about the impact of slower economic growth in China and the United States on the demand for oil have offset the production outage in Libya and periodic concerns about potential supply disruptions from a broadening conflict in the Middle East.
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Saudi Arabia’s PIF to boost annual spending to $70 billion by 2025
In its latest report on Saudi Arabia, the International Monetary Fund (IMF) highlighted that the PIF’s investments are set to reach $70 billion by 2025, according to Amin Mati, the IMF’s Mission Chief for Saudi Arabia.
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Dozens killed, wounded in Israeli strikes on Gaza tent camp
Israeli strikes tore a huge crater, set tents ablaze and buried Palestinian families alive under sand in a supposedly safe zone of southern Gaza before dawn on Tuesday, killing or wounding scores of people, according to Palestinian officials. Israel said it had struck a command centre for Hamas fighters whom it said had infiltrated the designated "humanitarian" area in al-Mawasi, a vast camp on sandy soil where the military has told hundreds of thousands of Palestinians to shelter since ordering them out of their homes.
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Dubai singles splurge on premium dating apps but starve for real romance
Dubai singles are more willing to pay premium prices for dating app subscriptions than ever before in the hopes of boosting their prospects of finding meaningful relationships, residents told Arabian Business. However, this financial investment comes with a paradox. Despite their willingness to pay for premium dating app subscriptions, these same singles have overwhelmingly expressed a preference for meeting potential partners organically in person to build more authentic connectio
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Time to retire ‘Arab-Israeli conflict’?
The experience of the past 11 months has led many experts on the region like myself to reassess that term. Is “Arab-Israeli conflict” an accurate reflection, given that the active participants are no longer just Arabs and Israelis? Should we retire that term for good now that the conflict has widened, drawing in the United States and Iran–and potentially Turkey and others in the coming years?
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Russia invites Saudi Crown Prince to October BRICS summit
Russia has invited Saudi Crown Prince, Mohammed Bin Salman, to attend a BRICS summit in the city of Kazan from 22-24, Foreign Minister, Sergei Lavrov, said on Monday. The bloc of developing nations, last year, invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to become members, in a move aimed at accelerating its push to reshuffle a world order it sees as outdated, Reuters reports.
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Full steam ahead for Saudi Arabia’s aquaculture dream
The Kingdom decided to introduce aquaculture more than 40 years ago, leading to the establishment of the National Fisheries Center. Since then, the sector has undergone significant development through international partnerships and collaborations, particularly with the Food and Agriculture Organization.
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Saudi Arabia’s Vision 2030 Projects Reach $1.3 Trillion in Value
Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work and travel. About $164 billion worth of real estate contracts have been awarded since 2016, when Saudi Crown Prince Mohammed bin Salman unveiled his strategy to wean the country off its dependence on petrodollars and improve the quality of life for locals.
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Saudi Arabia’s Economic Growth Defies Regional Instability
The report says that Saudi oil exports are not dependent on the Red Sea, where Iran-backed Houthis have targeted commercial ships, in what they say is in solidarity with Palestinians in Gaza. Likewise, Saudi Arabia’s tourism numbers "remain strong". In general, the IMF painted a rosy picture of Saudi Arabia’s economy, with a strong banking system, growing home ownership and "robust" non-oil economic growth. The report underscores the divergence between Gulf economies and those of poorer states like Egypt, Lebanon and Jordan, whose already weak economies have been battered by Israel’s war.
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Riyadh’s inaugural FinTech 24 conference attracts over 37,000 visitors
The event was hosted by the Financial Sector Development Program, Saudi Central Bank (SAMA), Capital Market Authority, and Insurance Authority, and jointly organized by Fintech Saudi and Alliance, a venture between the Federation for Cybersecurity, Programming and Drones, Informa Global, and the Investment Events Fund.
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