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  • Oil Soars as Two Saudi Oil Tankers Among Four Attacked off UAE Coast
     

    Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates, Reuters reports, with a total of four vessels being impacted by an attack. The UAE said on Sunday that four commercial vessels were “sabotaged” just outside the Strait of Hormuz. It did […]

     
  • Saudi Government Revenue Surges Nearly 50% in Q1
     

    Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment. Both oil and non-oil revenue saw sizable rises. Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend […]

     
  • Senate Fails to Override Trump Veto on Yemen War
     

    The Senate on Thursday fell short of the votes needed to override President Trump’s veto of legislation demanding an end of U.S. support for the Saudi-led military coalition operating in Yemen. The resolution passed in the House and Senate would have ended all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen. It marked […]

     
  • IMF’s Regional Economic Outlook Says Saudi Needs $85 Oil for Fiscal Balance
     

    A recently-released IMF report on the oil-producing Middle East and North African economies said that Saudi Arabia’s newest breakeven price for oil – the price of oil at which its government could fund its operations without a deficit – is $85 on the Brent index. The report is a quarterly update on the economies of oil-producing […]

     
  • Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
     

    A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]

     
  • Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
     

    Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]

     
  • PIF-backed Uber Technologies Buys Regional Rival Careem for $3.1 Billion
     

    It’s the biggest tech deal the Middle East region has ever seen. Uber Technologies, Inc. is buying regional ride-sharing rival Careem for $3.1 billion, $1.7 billion in convertible notes and $1.4 billion in cash. Dubai-based Careem successfully rivaled Uber in Saudi Arabia and other parts of the Middle East region, amassing 30 million users across 90 […]

     
  • King Salman Announces New Governor of the General Authority for Foreign Trade in Weekend Royal Orders
     

    Custodian of the Two Holy Mosques King Salman issued several royal orders on Saturday appointing a number of officials to positions, including appointing Abdulrahman Al-Harbi to be the first governor of the General Authority for Foreign Trade. Al-Harbi is serving as Deputy Minister for Foreign Trade and Investment in Saudi Arabia’s Ministry of Commerce and Investment. The […]

     
  • Saudi Arabia Enters Global Race for 5G Telecom with New STC Deals
     

    Saudi Arabia is in the global race to launch one of the first 5G telecom networks in the world and the largest 5G in the Middle East and North Africa, according to reports. The stakes are high for all countries in the 5G race; the new cellular system will potentially transform the world as we […]

     
  • VAT Rollout in Saudi Arabia ‘Raised More Revenue than Initially Expected’ – Latest PWC Middle East Economy Watch
     

    The latest Middle East Economy Watch quarterly report by PWC examined the economic impact of the VAT roll out in the UAE and Saudi Arabia, noting that “with some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in Saudi Arabia it has raised more revenue […]

     

MUST-READS

  • Yemen’s STC steps up effort to achieve global recognition

    The Southern Transitional Council (STC) is the most organized fighting force in the south of Yemen. Following the onset of the Ansarullah movement’s attacks on commercial shipping, starting in Nov. 2023, the STC has been actively positioning itself on the global stage as a disciplined defender against the group—better known as the Houthis—and as a key player in securing the Red Sea and the Gulf of Aden.

  • Netanyahu pushes back against new pressure over Gaza and hostages: ‘No one will preach to me’

    Israeli Prime Minister Benjamin Netanyahu on Monday pushed back against a new wave of pressure to reach a cease-fire deal in Gaza after hundreds of thousands of Israelis protested and went on strike and U.S. President Joe Biden said he needed to do more after nearly 11 months of fighting.

  • Saudi’s New Railways Law Further Enhances the Kingdom’s Rail Infrastructure Projects

    The Kingdom recently published its new Railways Law, which took effect this summer and is designed to support the large pipeline of cross-country, inner-city, and inter-city rail infrastructure projects. The Transport General Authority (TGA) is due to publish the implementing regulations to the new Railways Law imminently.

  • When does the Saudi Pro League transfer window end and can Premier League clubs still sell to the Middle East?

    The window is set to slam shut on Monday, September 2, which is five days fewer than the 2023 summer window, which closed on September 7. Couple this with the fact the Premier League transfer window closed earlier on Friday, August 30, and you have an interesting situation.

  • NEO, a new mobile banking brand, is being launched in Saudi Arabia by Saudi National Bank (SNB).

    Described as a “lifestyle digital banking and financial ecosystem”, the banking app comes with a multi-currency debit card (supporting up to 20 different currencies with fixed currency rates); a rewards programme, including cashback and discounts; gift cards; and additional services such as cinema, restaurant and hotel bookings.

  • TNS striker Young makes Saudi Arabia move

    The New Saints striker Brad Young, Welsh football’s leading goalscorer last season, has signed for Saudi Pro League club Al-Orobah for a £190,000 fee. Young, 21, was the Cymru Premier's golden boot winner for 2023-24 after his 22 goals helped TNS to the Welsh double.

  • Saudi Heritage Commission launches Al-Yamama Archaeological Project in Riyadh

    The Saudi Press Agency (SPA) reported on Monday that the Commission will conduct various archaeological surveys and excavations in Riyadh during 2024-2028. A detailed study of Riyadh, along Wadi Hanifah, and surrounding areas will be part of the project.

  • ACWA Power locks in funds for 5.5 GW of solar in Saudi Arabia

    ACWA Power Co (TADAWUL:2082) has secured SAR 9.7 billion (USD 2.6bn/EUR 2.33bn) in financing from a consortium of local and international banks for the construction of three large-scale solar power plants in Saudi Arabia with a combined capacity of 5.5 GW.

  • Saudi Arabia launches Family Guidance Strategy

    The Family Guidance Strategy includes more than 12 initiatives that cover all family and societal requirements. It focuses on empowering and improving the performance of those working in the field of family guidance, in addition to qualifying them and developing their capabilities and skills. It enhances society’s understanding of the role of family guidance and its positive impact in improving family relations, resolving conflicts and supporting stability, through organizing and implementing several qualitative programs and initiatives for society and the family.

  • Saudi Arabia Expected to Cut Its Oil Prices to Asia for October

    Saudi Aramco, the world’s top crude oil exporter, is expected to cut the official selling price (OSP) of all its crude grades for Asia in October, according to the survey of five refining sources. Three of these Reuters sources expect the flagship Saudi crude grade, Arab Light, to be priced $0.50 to $0.70 per barrel lower than the September prices. A cut of $0.70 would make Arab Light cost Asian refiners $2.00 per barrel above the Oman/Dubai average.