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  • Saudi Arabia’s 2015 Budget Expectations – SUSRIS
     

    Writing in SUSRIS, Patrick Ryan provides an overview of the expectations for Saudi Arabia’s upcoming announcement of its fiscal plans for 2015. Although the price of oil has been high in recent years, “this year is different,” Ryan writes: “The 2015 budget, expected to be released on Monday, is anticipated to roll back spending to about SR800 […]

     
  • Saudi Stock Market Posts Biggest Daily Loss in 6 Years as Oil Dips Below $60
     

    Saudi Arabia’s Stock Market posted the biggest loss in 6 years as the bourse reacted to further declines in the price of oil, according to reports. The TASI fell 7.3 percent to 7,330 points, its lowest level since June 2013. Dozens of stocks fell by their daily 10 percent limits, indicating further potential weakness, Arab News […]

     
  • John Kerry’s Remarks at U.S. Chamber of Commerce Middle East Commercial Center Leadership Dinner
     

    In an energetic and wide-ranging speech delivered to guests attending the Middle East Commercial Center Leadership Dinner on Monday night at the U.S. Chamber of Commerce, Secretary of State John Kerry praised the work of the Center and the development of business relationships between the United States and the Middle East region.  Secretary Kerry shared […]

     
  • #SaudiTBT: The Father of the Saudi Arabian National Guard HRH King Abdullah bin Abdulaziz in 1962
     

    HRH Miteb Bin Abdullah, Minister of the Saudi Arabian National Guard (SANG) and the third oldest son of Saudi Arabia’s King Abdullah Bin Abdulaziz, recently visited Washington to meet with President Obama and other senior officials to discuss strengthened bilateral cooperation between the U.S. Department of Defense and SANG.   The National Guard is one […]

     
  • Jadwa Investment: Oil Market Dynamics and Saudi Fiscal Challenges
     

    After a significant drop in oil’s price on international markets since July 2014, the impact on the Kingdom of Saudi Arabia’s budget and fiscal policy is assessed in Jadwa Investment just-released research note. Head of Research Dr. Fahad Alturki notes that the recent decision not to cut output by OPEC “adds further uncertainty not only on the global […]

     
  • As Oil Dips Below $70, American Producers Wonder Where the Bottom Is and Eye an End to Export Ban
     

    The second half of 2014 has been a lively period for the U.S. shale industry.  Fueled by new technologies and a soaring oil price, everyone from upstart producers to big oil were taking advantage of new production opportunities in United States in shale deposits.  Over the last year, the U.S. alone accounted for 82% of non-OPEC production growth, […]

     
  • With Houthi Gains in Yemen, Saudi Reportedly Pulls Aid
     

    Saudi Arabia has suspended most of its financial aid to Yemen in “clear indication of its dissatisfaction with the growing political power of Shi’ite Houthi fighters friendly with Riyadh’s regional rival, Iran,” according to a Reuters report. “Soon after Houthi fighters took over the capital Sanaa in September, Saudi Arabia promptly suspended much of that […]

     
  • Saudi Arabia Sees Oil Prices Stabilizing ‘Around $60 a Barrel’
     

    Saudi Arabia now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation citied in a UPI report. “Saudi Arabia seeks to maintain its long-term market share, even if the price of oil stays temporarily low, its […]

     
  • Smartphone Generation: The Overnight Mobile Internet Revolution in the MENA Region
     

    What is the single indicator related to the online market opportunity in the United Arab Emirates and Saudi Arabia that beats all other developed and developing countries? Just take a look at people in coffee shops, malls, or even at family gatherings, you’ll notice immediately that everyone has a smartphone. To be specific, 74% of […]

     
  • Legalized Drifting: 4-Round Saudi Car Drift to Begin Al-Ahsa
     

    At long last, one Saudi will be able to claim to be the best drifter in the Kingdom. The Saudi Star Drift Championship kicks off this month for the first time, and will be supervised by the Saudi Arabian Motor Federation. The series will take an otherwise illegal but popular hobby in Saudi Arabia and make it […]

     

MUST-READS

  • Saudi Arabia signs deal with Chinese construction giant to build 20,000 new homes, eyes $67bn housing boost

    Saudi Arabia has signed a deal with a Chinese construction to build 20,000 new homes as it looks to deliver $67bn of new real estate projects. The National Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail. The agreement aims to build 20,000 housing units in the suburbs and communities developed by NHC across various regions of the Kingdom of Saudi Arabia.

  • A father’s love, a daughter’s freedom

    The survey, conducted for researchers at the University of Massachusetts Amherst, could upend the approach of the international community to restore full education for Afghan girls. Trying to persuade or threaten the Taliban to change has only hardened their position in the three years since they retook power after the American withdrawal. Instead, researchers suggest that fathers with eldest daughters be “primed” by outside groups to use their authority in a male-dominated society to overturn the education ban.

  • Saudi Fisheries’ financial woes persist in Q1 2024

    Saudi Fisheries Company's (SFC) financial issues continue to intensify, as the aquaculture firm’s accumulated losses by the end of the first quarter of 2024 spiked to SAR 265 million (USD 70.6 million, EUR 65.5 million) – equivalent to 66 percent of ‎the company’s capital – according to the company’s recently published interim results.

  • Saudi: Israel’s rejection of Palestinian statehood reflects its aggressive approach

    The Ministry of Foreign Affairs in Saudi Arabia strongly condemned the Israeli Knesset’s vote to reject the establishment of a Palestinian state and far-right Minister Itamar Ben-Gvir storming Al-Aqsa Mosque. “These continued hostile practices towards Islamic sanctities and international resolutions and laws reflect the aggressive approach of the Israeli occupation authorities,” the ministry said in a statement.

  • Saudi Arabia, Russia to maintain ‘close coordination’ on OPEC+: Kremlin

    Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin reaffirmed their countries’ commitment to the OPEC+ oil production accord among other bilateral issues in a phone call late July 17, the Kremlin said in a statement. “The importance of continuing close coordination within the framework of OPEC+ to ensure stability in the energy market was noted,” the statement said. A Saudi statement posted by the official Saudi Press Agency did not mention the OPEC+ agreement but said the two leaders “discussed a number of issues and topics of common interest” in a phone call initiated by the crown prince.

  • Saudi Arabia rolls out red carpet for foreign filmmakers

    The government is also offering financial incentives. The state-run Saudi Film Commission gives rebates of up to 40 per cent on production spending, compared with the 30 per cent offered by regional rivals such as Egypt and Morocco. Filmmakers can also apply for a share of a $234mn Saudi Cultural Development Fund pot. Film commission officials say their incentive package gives Saudi Arabia a competitive advantage. “In other countries you just get the cash rebate, then you are on your own when it comes to dealing with different government departments,” said one. “We handle the whole thing.”

  • Non-Oil Activities Drive Saudi Economic Diversification Efforts

    Experts speaking to Asharq Al-Awsat anticipate non-oil sector participation to rise to approximately 65% by 2030, driven significantly by private sector contributions. They noted significant economic evolution towards income sources beyond oil, such as investments in coastal infrastructure projects.

  • Launch of Saudi Arabia’s NEOM Airlines on hold – report

    Other developments facing cutbacks, the sources claimed, include the Qiddiya Coast, a tourism and entertainment project in Jeddah on the Red Sea once projected to have a potential budget of USD50 billion. Downsizing of other projects can be expected as the government committee finalises its review.

  • Ahmed Mater: The Saudi artist documenting a kingdom in flux

    Born in Tabuk in 1979, Mater grew up in Abha in southwestern Saudi Arabia, close to the militarized Yemeni border, at a time of immense social change in the region. The first presentation of his art outside the Kingdom came in 2005 at an exhibition hosted by the British Museum in London. Just over a decade later, he became the first artist to host a solo exhibition in the US, with “Symbolic Cities: The Work of Ahmed Mater” in 2016.

  • Tel Aviv hit by drone attack claimed by Iranian-backed Houthis

    A long-range Iranian-made drone hit the centre of Tel Aviv in the early hours of Friday in an attack claimed by the Yemen-based Houthi militia that killed one man and wounded four others, the Israeli military and emergency services said. The explosion, which footage shared on social media suggested came from the sea and did not trigger air raid alarms, occurred hours after the Israeli military confirmed it had killed a senior commander of the Iran-backed Hezbollah militia in southern Lebanon.