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Oxford Business Group Launches OBG Business Barometer: Saudi Arabia CEO Survey
The Oxford Business Group (OBG) has launched a new research series that examines attitudes of top CEOs in Saudi Arabia. OBG, which publishes investment and economic reports on more than 30 countries including emerging markets in the Middle East, Asia, Latin America. “It’s not difficult to conclude that for the Gulf region’s largest economy the […]
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New Saudi Arms Manufacturer ‘SAMI’ Launched As Part of Vision 2030 Ahead of Trump Visit
Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the launch of a national state company for arms manufacturing as part of its Vision 2030 economic and social reform program, according to reports. The new company, the Saudi Arabian Military Industries (SAMI), will be producing not just arms but armored vehicles and will work to repair […]
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World’s Tallest Building Set for Saudi Arabia Delayed Again After Binladen Group Turmoil, Now Expected in 2019
Saudi Arabia’s under-construction Kingdom Tower Jeddah, set to be the world’s tallest building when finished, has been delayed until 2019, Prince Alwaleed bin Talal said at the building’s construction site yesterday. “The project was delayed… but it’ll open (in) 2019,” Prince Alwaleed said. Alwaleed is chairman of Kingdom Holding Company and consistently listed as the […]
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Saudi Arabia’s Vice Minister of Economy and Planning Mohammed Al Tuwaijri Gives Interview to Bloomberg News
Saudi Arabia’s powerful vice minister of economy and planning Mohammed Al Tuwaijri gave an interview to Bloomberg News on Tuesday and discussed the government’s borrowing plans, infrastructure spending and how the kingdom still intends to balance its budget by 2020. Al Tuwaijri, who is also head of the finance committee at Saudi Arabia’s powerful Council of Economic […]
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U.S., Saudis in Talks for New Defense Deals Worth Billions Ahead of Trump’s Visit, Sources Tell Reuters
Washington and Riyadh are working to boost military sales from the U.S. to Saudi Arabia for new and existing contracts worth “tens of billions of dollars” ahead of U.S. President Donald Trump’s trip to the kingdom this month, Reuters reports, citing several sources familiar with the talks. According to Reuters, “as planning for Trump’s trip to Saudi […]
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IMF: ‘The Redistribution of Oil Wealth Through Government Jobs and Generous Subsidies is No Longer Sustainable’
A recent report by the International Monetary Fund (IMF) finds growth in the Middle East is slightly improving “largely driven by higher oil prices and improved export prospects” but emphasizes that countries will need to continue with plans to diversify their economies and implement policies that support jobs and productivity, like education and infrastructure reforms. “Persistently […]
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Setback for Women in Saudi Arabia as Proposal for Women’s Sports Education Colleges Fails in Shoura
The Shoura Council failed to pass a proposal to establish sports education colleges for women this week by just three votes. According to Arab News, the proposal called for a joint venture between the Education Ministry and the General Authority of Sports. The goal is to educate Saudi women on fitness and sports-related sciences and […]
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Secretary of State Rex Tillerson, Saudi Minister of Commerce Dr. Majed Al-Qassabi Deliver Keynote Remarks at U.S.-Saudi Arabia CEO Summit
Secretary of State Rex Tillerson gave his first on-the-record public speech as Secretary yesterday to the U.S.-Saudi Arabia CEO Summit, hosted by the U.S. Chamber of Commerce, the Saudi Committee for International Trade and the Council of Saudi Chambers of Commerce. The Secretary said that the U.S.-Saudi Relationship should be “taken to new heights” and […]
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Saudi Finance Minister Mohammed Al-Jadaan: No Income Tax for Saudi Citizens, No Company Profit Taxes
Saudi citizens would not pay taxes on income and Saudi companies would not see their profits taxed with economic reforms being introduced in the Kingdom, Saudi Arabia’s finance minister Dr. Mohammed Al-Jadaan said on Sunday, Reuters reports. Reuters reports that Al-Jadaan sought in a statement carried by state news agency SPA to “allay concern” that […]
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Saudi Arabia Praises Trump Airstrike Punishment of Syria Chemical Attack
Saudi Arabia said on Friday it “fully supports” U.S. strikes on military targets in Syria, saying it was a “courageous decision” by President Donald Trump in response to the use of chemical weapons against civilians. The United States had fired nearly 60 Tomahawk missiles at a military airfield in Syria, the first direct military action […]
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MUST-READS
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Saudi Arabia: High-net-worth Muslims eye luxury homes in holy cities, report finds
Saudi Arabia's drive to attract expats and boost its real estate market could be turbocharged by a largely untapped demographic in the global south: rich Muslims eyeing homes in Islam's two holiest cities. According to a report published by real estate consultancy firm Knight Frank, despite western media focusing much of its attention on the kingdom's drive to boost luxury beach resort tourism and legalise alcohol, demand for glitzy real estate in Saudi Arabia has surged among Muslim high-net-worth individuals (HNWI)
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Accenture Graduates first group from its capability hub in Saudi Arabia
The hub currently offers a rigorous multi-track training program accredited and exclusive to Accenture employees covering various areas such as security, cloud, data & AI, and change management. It is the first step towards launching Accenture LearnVantage Academy Saudi Arabia, which will offer comprehensive technology education and training services to businesses and organisations in Saudi Arabia, allowing them to reskill and upskill their employees and help them reinvent their organisations and achieve greater business value.
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Senate Democrat raises concerns about US-Saudi nuclear deal
Sen. Ed Markey (D-Mass.), co-chair of the Nuclear Weapons and Arms Control Working Group, is raising concerns over Saudi Arabia’s intention to pursue a civil nuclear program with the U.S., citing the country’s “appalling human rights practices” and desire for nuclear weapons.
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Saudi woman jailed for 11 years over rights posts, Amnesty says
Amnesty International called on Saudi Arabia to free a 29-year-old fitness instructor it says has been sentenced to 11 years in prison for her choice of clothing and social media posts urging an end to the kingdom's male guardianship system.Manahel Al-Otaibi was sentenced in January and details of her case emerged in Saudi Arabia's formal reply to a request from the United Nations human rights office, London-based Amnesty said in a statement on Tuesday.
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Cars are swept away and roads turned into rivers as Saudi Arabia is hit by floods two weeks after apocalyptic Dubai storms blamed on cloud-seeding
Flash flooding has devastated parts of Saudi Arabia this week with shocking footage showing cars being swept away by the deluge as roads were submerged amid torrential downpours.
Clips shared on social media showed how major highways in the Kingdom were overrun by devastating floodwater that cascaded down typically dry and rocky outcrops and swept through cities and towns below.
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Saudi Chemical Giant’s Profit Slumps as Pressures Persist
Saudi Arabia’s top chemicals company reported a 62% drop in year-on-year profit as weak demand puts the industry under stress.
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US and Saudis Near Defense Pact Meant to Reshape Middle East
The agreement faces plenty of obstacles but would amount to a new version of a framework that was scuttled when Hamas militants attacked Israel on Oct. 7, triggering the conflict in Gaza. Negotiations between Washington and Riyadh have sped up recently, and many officials are optimistic that they could reach a deal within weeks, according to the people, who asked not to be identified discussing private deliberations.
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Saudi Arabia’s GDP Contracts Again, With Non-Oil Growth Slowing
Saudi Arabia’s economy contracted for a third straight quarter following the kingdom’s decision to cut petroleum production, while non-oil growth eased to the slowest pace since the coronavirus pandemic.
The non-oil economy — a priority for the government as it looks to open up and transform the country — expanded by 2.8% in the first quarter on an annual basis, according to preliminary data published by the kingdom’s statistics office on Wednesday. That compared to 4.2% in the prior quarter.
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Vision 2030: What are Saudi Arabia’s overarching goals?
The first goal of Vision 2030 is to cultivate a content and fulfilled society, laying the foundation for the attainment of economic prosperity.
According to the Kingdom’s Vision 2030 official website, the goal focuses on creating strong roots that embrace modern Islam, national pride and Saudi heritage and culture, while also providing world-class entertainment options, sustainable living, and efficient health and social care systems.
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Saudi Arabia sees 16% increase in net direct foreign investment
During a meeting of the Council of Economic and Development Affairs (CEDA), the Ministry of Economy and Planning reported a notable 16% increase in net direct foreign investment inflows for the fourth quarter of 2023 compared to the previous quarter.
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