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Saudi 2018 Budget will be ‘Expansionary’ after Two Years of Tight Spending
Saudi Arabia’s budget will be announced tomorrow and will include a “focus on expansion, development and investment” according to comments made on Al-Arabiya TV by a Saudi finance ministry official, and reported in Reuters. “If there was to be a title for the 2018 budget, it would be the budget of expansion and development and […]
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Ambassador Haley Gives Dramatic Presentation of Alleged Iran-Made Weaponry Recovered from Regional Battlefields
US envoy to the United Nations Nikki Haley made a presentation at Bolling Air Force base in Washington, D.C. to provide evidence that Iran had supplied short-range ballistic missiles to Houthi rebels in Yemen which were then fired at Saudi Arabia. Department of Defense (DOD) officials accompanied Haley for the presentation, which was made against a dramatic backdrop of broken […]
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Secretary Tillerson Urges More ‘Measured’ Approach for Saudi Arabia in Yemen
U.S. Secretary of State Rex Tillerson is urging Saudi Arabia to be more “measured” in its military intervention in war-ravaged Yemen, a day after President Trump called for the end of the Saudi-led blockade in order to allow for delivery of humanitarian aid and commercial shipments. Tillerson also reiterated Trump’s calls for a “complete end” […]
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The U.S. Reported to be Assessing Support of Saudi Arabia’s Nuclear Energy Plans
The Trump administration is reportedly holding talks on providing nuclear technology to Saudi Arabia in a move that would be a significant shift in U.S. policy, ProPublica reports. The report notes that, “The Trump administration hasn’t stated a position on whether it will let the Saudis have enrichment and reprocessing technology. An NSC spokesman declined […]
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NYT Columnist Tom Friedman Praises Saudi Arabia’s ‘Arab Spring, At Last’; Twitter Reacts
New York Times Columnist and bestselling author Tom Friedman met with Crown Prince Mohammed bin Salman in Saudi Arabia for a second time in three years to speak with the powerful and young leader about the ongoing Vision 2030 social and economic reform plans as well as ongoing regional and security issues facing the Kingdom. […]
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Saudi Arabia’s PIF Officially Takes Over Management of Riyadh’s King Abdullah Financial District
Saudi Arabia’s sovereign wealth fund finalized the take over of the management of Riyadh’s US$10 billion unfinished King Abdullah Financial District (KAFD), a large financial hub on the outskirts of the city, as the government attempts to revive the project. Bloomberg reports the project also has a new leader. KAFD’s final development will be run by real […]
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In WSJ Op-Ed, Al-Qassabi Says Kingdom Will Not Avoid Short-Term Difficult Decisions to Eradicate Corruption, Actualize Vision 2030
In a op-ed published in the Wall Street Journal, Saudi Arabia’s Minister of Commerce and Investment Dr. Majed Al-Qassabi addressed critics of the Kingdom’s anti-corruption efforts and says the actions taken last week are evidence that Saudi Arabia is facing a “watershed moment” to eradicate the scourge of corrupt practices. “Saudi Arabia is a rich […]
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Secretary Tillerson, in Riyadh, Pledges Support for Saudi-Iraq Relationship to Counter Iran
U.S. Secretary of State Rex Tillerson visited Riyadh over the weekend to express U.S. support for a warming of relations between Saudi Arabia and Iraq as the two nations inaugurate the first meeting of the Saudi-Iraq Coordination Council, a new organization that will facilitate bilateral ties. The inaugural Coordination Council meeting marks a warming of relations between Riyadh and Baghdad. […]
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Saudi Aramco Denies Financial Times Report on Shelving Long-Awaited IPO
Saudi Aramco has denied a report in the London-based Financial Times that the state-controlled company will shelve its plans to list part of the company on international indices in favor of private placements. The Financial Times reports that talks about “a private sale to foreign governments including China and other investors have gathered pace in recent […]
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King Salman Consolidates Development Funds and Promotes New Transportation Minister
Saudi Arabia’s King Salman has created a new organizational body to centralize and consolidate control and management of its economic development funds, called the National Development Fund (NDF), under Crown Prince Mohammed bin Salman. The NDF will “link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human […]
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MUST-READS
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Saudi Smash 2024 set for big final weekend in Jeddah
The top contenders in the Saudi Smash 2024 tournament are starting to emerge after day five saw Germany’s Patrick Franziska steal the show at King Abdullah Sports City with a sensational comeback against the more favored Fan Zhendong of China in the men’s singles.
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Robust IPO pipeline and market initiatives propel Saudi Exchange’s global appeal: CEO
An array of robust and diverse initial public offerings are poised for the Saudi Exchange thanks to new initiatives aimed at attracting international investors, the bourse’s CEO has revealed. Addressing a panel discussion themed “Expanding Frontiers: Uncovering Investment Potential in Saudi Arabia and China” at the Capital Market Forum — CONNECT Hong Kong, Mohammed Al-Rumaih expressed confidence in the future trajectory of the Saudi Exchange. Advertisement
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Saudi Crown Prince, Zelenskiy Discuss Ukrainian-Russian Crisis
Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Saudi Crown Prince and Prime Minister, received a telephone call on Wednesday from Ukrainian President Volodymyr Zelenskiy.
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Skyworth Auto signs $1.38 billion deal with Saudi Arabia’s KAG
Skyworth Auto, the car-making arm of Chinese home appliance giant Skyworth, has signed a cooperation agreement with a Saudi company, as more Saudi money enters the Chinese car-making sector. Skyworth Auto has signed a 10-year strategic cooperation agreement with the Saudi royal-controlled KAG Group, with the first five years in the first phase of the partnership having a business plan of RMB 10 billion yuan ($1.38 billion), the company announced today.
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Saudi Arabia to boost private sector investments in manufacturing: deputy minister
Saudi Arabia aims to bolster private sector investment in the manufacturing industry, capitalizing on the Kingdom’s swift growth, according to a top official. During his opening speech on the second day of the Riyadh International Industry Week 2024, Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah pointed out that partnership with non-government bodies is of great importance in achieving industrial development in the Kingdom.
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Saudi Arabia condemns attack on UNRWA headquarters in Jerusalem
The Ministry of Foreign Affairs of Saudi Arabia has condemned the recent attack by Israeli settlers on the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) headquarters in occupied Jerusalem. The attack occurred under the watch of Israeli occupation police. In a statement released on Thursday, the ministry held the Israeli occupation accountable for the recurrent crimes against daefenseless civilians and workers in humanitarian and relief organizations. The statement emphasized the Kingdom's call for the international community to intensify efforts to stop all legal and humanitarian violations and to ensure that the Israeli occupation faces consequences for its continued offenses, which flout international laws and norms.
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Education minister: 3-semester system is under study
Saudi Minister of Education Yousef Al-Benyan said that the three-semester system is under the ministry’s evaluation and study and the results of the study will be announced upon its completion. “This is a very important matter at the level of the minister and the ministry, as well as at the government level,” he said. 0 seconds of 0 secondsVolume 0% Loading ad Al-Benyan said this while replying to a question from Dr. Aisha Zakri, head of the Education and Scientific Research Committee, at the Shoura Council session, chaired by Speaker Sheikh Abdullah Al-Sheikh in Riyadh on Wednesday. “The Ministry of Education is working to evaluate the three-semester experience according to scientific and educational foundations in partnership with teachers, parents, and relevant authorities, and the ministry will announce the result of this study after its completion,” he said.
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Saudi Banks Profit from Rising Lending, Deposit Volumes
Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).
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Saudi Banks Profit from Rising Lending, Deposit Volumes
Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).
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Saudi Arabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs
Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue. “We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.
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