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Saudi Economy: TASI Rises in April, and Consumer Spending Bounces Back
Recent data on Saudi Arabia’s economy showed a mixed picture for the Kingdom, with non-oil PMI trending lower in March, month-on-month, while remaining in expansionary mode, according to Jadwa Investment and official government figures.
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Saudi Arabia Confirms Lifting General Travel Ban May 17; U.S. Among 20 Countries to Remain on List
Saudi Arabia confirmed that it would resume international flights at 1 a.m. on May 17, but will exclude 20 countries where the ban on flights continues as part of preventive measures to curb the spread of the coronavirus disease (COVID-19), Saudia airline said.
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Saudi Arabia Red Sea Development Co. On Track to Clinch $3.7 ‘Green Loan’ from Local Banks
Saudi Arabia could be just weeks away from clinching the first significant funding package for a key part of Crown Prince Mohammed bin Salman’s program to diversify the Kingdom’s economy, Bloomberg reports. The Red Sea Development Co.’s 14 billion-riyal ($3.7 billion) loan is set to close with a small group of local banks including Saudi National […]
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Oil Rises Above $67 in Fifth Day of Gains as Demand Outlook Looks Strong
Oil rose above $67 a barrel on Friday, gaining for a fifth session, “as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies,” Reuters reports.
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New KAPSARC Paper Examines Economic Diversification Under Saudi Vision 2030
A new paper published by the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Saudi Arabia examines the Kingdom’s advances in economic diversification so far under Saudi Arabia’s Vision 2030 social and economic reform plans, launched in 2016.
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KAPSARC Commentary Paper Explores the Potential Effect of Parking Fees on Metro Ridership
As Saudi Arabia’s sprawling capital city Riyadh prepares to begin operation of the first lines of its long-awaited metro system, authorities and researchers are now faced with the task of getting the Kingdom’s citizens used to riding it.
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Viral Videos Show Sandstorms Engulfing Riyadh, Other Cities in Saudi Arabia
Viral videos emerging from social media show parts of Saudi Arabia experiencing an intense sandstorm which engulfed cities and towns in the Kingdom and forcing authorities to issue a weather warning.
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Oil Rises to $69 a Barrel on Brent as OPEC+ Supply Curbs Boost Prices
Oil rose to around $69 a barrel on Tuesday, a day after jumping above $70 for the first time in over a year as investors focused on prospects for tighter supply due to extended OPEC+ output curbs and amid growing hopes of a recovery in demand, according to a report from Reuters.
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No Damage from Attempted Houthi Missile Attack on Saudi Aramco Facility, Oil Temporarily Spikes
An attempted Houthi missile and drone strike on a Saudi Aramco facility in Dhahran did not cause any loss of life or damage to property, but initial concern over the attack caused oil’s price to spike on international indices before paring back those gains, Saudi authorities said.
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Saudi Arabia’s Tourism Ambitions Expand to Mountainous Asir Province
Saudi Arabia’s Public Investment Fund (PIF) launched a new venture that will invest $3 billion in developing tourism and infrastructure in the southwestern mountainous Asir region, according to Reuters and Saudi Arabia’s official press agency.
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Saudi Arabia launches summer program with mega lineup of events to boost tourism
Saudi Arabia has launched its summer program with a lineup of major events taking place across seven destinations in the Kingdom, the Saudi Tourism Authority announced on Monday, in a bid to boost domestic and regional tourism.
The program will run for four months until the end of September across seven destinations: Aseer, Al Baha, Taif, the Red Sea (a new destination), Jeddah, Riyadh, and AlUla.
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Over 267,000 Hajj pilgrims arrive in Saudi Arabia
A total of 267,657 pilgrims have arrived in Saudi Arabia from all over the world to perform the annual pilgrimage of Hajj until the end of Sunday. The General Directorate of Passports (Jawazat) said on Monday that this figure includes pilgrims who came via Saudi airports, seaports and land entry points. The overwhelming majority of pilgrims came by air.
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Tickets for Saudi Arabia’s first ever UFC fight in Riyadh go on sale
Tickets for the first ever Ultimate Fighting Championship (UFC) fight in Saudi Arabia’s Riyadh are now on sale, the Saudi Press Agency (SPA) reported on Monday. Australian Robert Whittaker and Russian Khamzat Chimaev will face off on June 22 at the Kingdom Arena.
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WTA signs multi-year partnership with Saudi PIF
The Saudi Public Investment Fund (PIF) will become the first-ever naming partner of the WTA's rankings, the two organisations announced on Monday, as part of a multi-year partnership. The announcement marks the PIF's latest foray into tennis, after the men's ATP tour also signed a multi-year "strategic partnership" earlier this year. "Together, we look forward to sharing the journey of our talented players across the season, as we continue to grow the sport, creating more fans of tennis and inspiring more young people to take up the game," WTA Ventures CEO Marina Storti said in a statement.
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U.S. Special Envoy for Yemen Lenderking’s Travel to Saudi Arabia, the United Arab Emirates, and Oman
U.S. Special Envoy for Yemen Tim Lenderking is traveling to Saudi Arabia, the United Arab Emirates, and Oman this week to continue discussions with partners regarding the peace process in Yemen and an immediate end to the reckless Houthi attacks in the Red Sea and surrounding waterways. The Houthis’ continued attacks threaten progress toward achieving a durable resolution to the conflict in Yemen and obstruct the delivery of humanitarian assistance to Yemenis and people in need across the region.
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Saudi Arabia says would rather develop homegrown talent than recruit foreign athletes
Saudi Arabia will look to homegrown talent to expand its base of elite athletes rather than follow its neighbors down the path of naturalizing foreigners, the media chief of the Saudi Olympic Committee told Reuters. Funding from the country’s Public Investment Fund (PIF), which manages more than $700 billion in assets, has rocketed the country to major-player status in world of sport over a few short years.
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Saudi Arabia’s crude exports hit nine-month high in March
Crude exports from the world's largest oil exporter increased 1.5% to 6.413 million barrels per day (bpd) in March, up from 6.317 million bpd in February.The country's crude production fell to 8.973 million bpd in March from 9.011 million bpd in the prior month.Data also showed that Saudi refineries' crude throughput fell by 0.115 million bpd to 2.560 million bpd and direct crude burning declined by 53,000 bpd to 307,000 bpd in March.
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An amazing discovery in the Kingdom of Saudi Arabia: ‘A burial represents a symbol of pharmacy’
The astonishing discovery of hundreds of thousands of tombs, varying in shapes and sizes—some reaching dimensions of hundreds of meters—would not have been possible without the profound passion and immense interest of Saudi field researcher and anthropologist, Dr. Eid Al-Yahya. These intriguing tombs are expected to reshape our understanding of the history of the Arabian Peninsula, as well as the history and civilization of the Kingdom of Saudi Arabia in particular.
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In Saudi Arabia, an all-women band rocks out as society loosens up: Video
In Saudi Arabia's capital, Seera - an all-women psychedelic rock band that blends traditional Arabic melodies with the resurgent psychedelia of bands like Tame Impala - expresses itself through the arts
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Aviation sector contributes $53 billion to Saudi GDP: Report
The report reveals that the Saudi aviation sector contributes $20.8 billion through aviation-related activities, enabling a further estimated $32.2 billion in tourism economic activity. Additionally, aviation supports 241,000 jobs, with a further estimated 717,000 jobs in the tourism sector.
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