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Tadawul Up 11.2 Percent This Year, Funds Seen as Increasingly Bullish on Saudi Arabian Equities
After a rough second half of 2014, Saudi Arabia’s stock market, the Tadawul or TASI, has begun a bounce-back. The bourse is up 11.2 percent this year, and a recent Reuters survey of regional asset managers found bullishness in those polled about Saudi Arabia equities and the Tadawul. The current gains in Riyadh are the […]
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King’s Speech at Global Islamic Conference in Mecca to Counter Terrorism Urges Strategy
At the Global Islamic Conference that brought together scholars in Mecca, Prince Khaled Al-Faisal read a speech on behalf of King Salman in which the monarch urged the defeat of extremism and noted, “terrorists do not at all represent Islam.” “Many people have the misconception that terrorism is the main feature of Islam and Muslims,” […]
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Military Officials from 26 Nations Battling Daesh Begin 2-Day Summit in Saudi Arabia
Military officials from 26 nations descended on Saudi Arabia this week for a two-day meeting to discuss joint efforts to combat the self-styled Islamic State extremist group, or Daesh, in Iraq and Syria, according to the Saudi Press Agency. According to the Military Times, the head of the U.S. military’s Central Command, Gen. Lloyd Austin, […]
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Jadwa Investment: Healthy Growth in Consumer Spending; Strong Consumption Growth in 2015 Likely
A recently released note by Riyadh-based Jadwa Investment predicts strong growth in consumer spending on the back of recent spending announced in Royal Decrees. Jadwa: “December data showed healthy growth in both cash withdrawals from ATMs and point of sale transaction. Consumption growth in 2015 is likely to be strong following the recent Royal decrees. […]
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#FocusKSA Video: Theodore Karasik on Saudi Arabia’s Political Transition
Gulf-based expert and analyst Theodore Karasik discussed the political transition in Saudi Arabia following the death of King Abdullah and the transition to King Salman last week with SUSTG and SUSRIS in an exclusive #FocusKSA interview. Karasik noted that the transition “went very smoothly,” and added, “I think what caught all of us by surprise […]
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Saudi Arabia Evacuates Embassy in Yemen as Houthis Make Gains
Saudi Arabia has suspended operations at its embassy in Yemen and evacuated its staff as the security situation there deteriorates, various agencies are reporting. Sanaa, Yemen’s capital, is currently under control of a Shiite militant group, the Houthis, who have battled the Saudi government along its long border with the Kingdom for years. The AFP […]
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Recent Data Show Saudi Women Make Up Only 13% of the Workforce, Despite Representing 50% of All Graduates from Saudi Universities
Recently released figures from Saudi Arabia’s Central Department of Statistics show that Saudi women have a long way to go in achieving equality in the workforce in the Kingdom, a longstanding challenge with economic and social facets facing Saudi Arabia’s new King Salman bin Abdulaziz al Saud and Labor Minister Adel Al-Fakeih. The official statistics […]
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U.S. Merchandise Exports to MENA Slowing, But Still Record-Breaking in 2014, NUSACC Finds
A recently released study of government data by the National U.S.-Arab Chamber of Commerce (NUSACC) found another record-breaking year for American exports to the MENA region, but growth slowed in 2014 in what the organization called mixed results. NUSACC: “Exports of U.S. goods to the Middle East and North Africa (MENA) region set a new […]
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Saudi Arabia’s First Social Media King Salman Nets More than 450k Followers on Twitter Since Ascending to Saudi Throne
The citizens of the Kingdom of Saudi Arabia are some of the most active social media users in the world. Roughly 20% of the country is on Twitter and 25% is on Facebook, according to Statista. Upon King Abdullah’s passing, then Crown Prince Salman became Saudi Arabia’s first King to use social media publicly – […]
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Sfakianakis: Passing of King Abdullah and Advent of King Salman a ‘Time of Continuity’ in Oil Policy
Writing in MEES, a Middle East oil and gas weekly magazine, Saudi finance expert Dr. John Sfakianakis says that the transfer of power from King Abdullah to King Salman is likely to represent a continuation of Saudi oil policy, particularly with respect to production levels. “The passing of King Abdullah and the advent of King Salman […]
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Prince Mohammed bin Salman Royal Reserve’s Integrated Development Management Plan launched
The plan is a comprehensive roadmap in line with global standards, covering the environmental, economic, social, tourism, and cultural aspects of the 24,500 square kilometer Reserve, which includes 15 distinct ecosystems, ranging from mountain ridges to coral reefs in the northwest of the Kingdom, the Saudi Press Agency reported.
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Saudi Arabia’s Abutaleb’s KO dashes Israel’s Olympic taekwondo hope
Taekwondo Olympic medalist Abishag Semberg was left in tears after her defeat to Saudi Arabia’s Dunya Abutaleb in the women’s flyweight round of 16 in Paris on Wednesday. Abutaleb, the first Saudi woman to secure direct Olympic qualification, triumphed with scores of 2-6, 5-4 and 10-0. She sealed her victory with two head kicks and two body kicks in the decisive third round.
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Investor bids invited for six Saudi football teams
Saudi Arabia this week opened bids for six football teams as part of its new drive to monetise the kingdom’s sport sector and raise its foreign direct investment numbers. Local and international investors are invited to bid for Al-Okhdood, Al-Orouba and Al-Kholoud – all in Saudi Arabia’s top Pro League – as well as Al-Zulfi, Al-Nahda and Al-Ansar. Applications are open until a deadline of September 19. A negotiation process will then start with the best offers, the Saudi Press Agency (SPA) reported, citing the ministry of sport. A further eight teams will be put up for sale at a later stage.
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Adidas launches its partnership with Al-Nasr Saudi Club with an advertisement inspired by the game (Roblox)
Adidas launched today the new kits of the Saudi Al-Nasr Club, according to the partnership signed between the two parties last February, which will last for three years, to become the global company’s sportswear brand, the official partner of the club starting from the 2024/2025 season, as “Adidas” will provide all teams and employees under the umbrella of Al-Nasr with the official uniform.
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Saudi Arabia says Hamas leader’s killing was ‘blatant violation’ of Iran’s sovereignty
Saudi Arabia said on Wednesday the assassination of Hamas leader Ismail Haniyeh in Tehran was a "blatant violation" of Iran's sovereignty. The comment by the Saudi deputy foreign minister during an extraordinary meeting of members of the Organization of Islamic Cooperation (OIC) was the first by the kingdom, the region's major power alongside Iran, since the killing of the Palestinian Islamist leader in the Iranian capital on July 31.
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Saudi court overturns death sentence against retired teacher over posts on X
A Saudi court has overturned the death sentence of a former teacher over social media posts made from anonymous accounts with 10 followers, a UK-based human rights group has reported. Last July, the kingdom's Specialised Criminal Court gave Mohammed al-Ghamdi the death sentence over tweets, including some which focused on unemployment and calling for the release of political prisoners. On Wednesday, Sanad, a UK-based group advocating for Ghamdi, said it had learned from sources inside the kingdom that the Court of Appeal had cancelled the sentence.
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Saudi Takes 2 Million Photos of Neom in ‘Ground X’ Project to Build Investor Trust
Saudi Arabia wants investors to know its ambitious Neom development is on track. Its effort is called “Ground X” and is meant to show live feeds of construction sites, project deadlines, and a “progress library” for each zone of Neom, including Sindalah, The Line and Trojena. The Ground X website is not open to the public and Skift was not able to review it. But a public version of the website does give some details: It says it has installed 452 time-lapse cameras, 63 live cameras and more than 300 drone locations across Neom, capturing two million photos and 70,000 videos.
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Saudi Arabia to host Halo space balloon test flight
Halo Space, a Spanish company developing a stratospheric balloon for tourists is to conduct its next test flight in the Kingdom of Saudi Arabia this September. This test flight will be Halo Space’s sixth and use the company’s real-size prototype capsule, Aurora, which will ascend 30km above the Earth’s surface. The primary objective of the flight is to validate the integrated operation of all critical systems developed over the past three years.
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Houthi presence in region in focus after ‘martyrdom’ of senior commander in Iraq
A senior commander of Yemen’s Ansarullah movement, better known as the Houthis, is claimed to have been killed in a US airstrike in Iraq. The apparent incident has fueled speculation about the Houthis expanding their role in the Iran-led ‘Axis of Resistance’ and pursuing horizontal integration with other members of the regional alliance network . As the region braces for an escalation in the confrontation between the ‘Axis of Resistance’ and Israel, the role of the Houthis in the equation is gaining increasing attention.
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Lucid Receives $1.5 Billion Lifeline from Saudi Investment Fund
An affiliate of Saudi Arabia's Public Investment Fund has thrown struggling electric car maker Lucid Group a $1.5 billion lifeline (second one of the year). This comes as Lucid prepares to launch its first sport utility vehicle amid a downturn in the EV automotive space. Lucid revealed it entered into agreements with its majority stockholder, Ayar Third Investment Company, an affiliate of the Saudi PIF, to purchase $750 million of convertible preferred stock through a private placement and provide a $750 million unsecured loan.
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