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Saudi Foreign Minister Adel Al-Jubeir Meets with Secretary of State Rex Tillerson in Washington, Says ‘No Blockade’ of Qatar
Secretary of State Rex Tillerson met with his Saudi counterpart, Foreign Minister Adel Al-Jubeir in Washington yesterday to discuss the ongoing diplomatic situation in the GCC and other regional challenges. In brief remarks to reporters before the meeting, Foreign Minister Al-Jubeir said that there was no “blockade” of Qatar and that Saudi Arabia was exercising […]
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Senate Opposition to Sale of Precision-guided Munitions Grows
Senate Minority Leader Charles Schumer (D-N.Y.) is the latest U.S. senator to throw support behind a Sen. Rand Paul (R-Ken)-led push to block part of President Trump’s $110 billion arms sale to Saudi Arabia, according to reports. The senators who proposed the resolution to block the arms sale said that they expect a close vote. Sen. Sens. […]
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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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MUST-READS
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Transforming Saudi Arabia: Embracing AI For The Future Of Work
Saudi Arabia has committed to massive investments in artificial intelligence which will make it both the largest player in the Middle East and a globally important one. A Saudi tech fund was announced earlier this year with the participation of American banks which will fund to the tune of $40 billion.
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Saudi Islamic Banks Supported by Solid Operating Environment; Liquidity Tighter
Saudi Islamic banks are well-placed in the banking sector, with larger retail franchises supporting higher margins, a lower cost of funding, and better asset quality. In general, financing growth has outpaced lending over the past few years, supported by the requirement for residential mortgages to all be sharia-compliant. Islamic banking is dominant in Saudi Arabia, with the largest proportion of Islamic financing (85%) of any country that allows conventional banks to operate alongside Islamic banks.
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Saudi Arabia says ongoing Israeli military operations threaten regional security
The Kingdom’s Deputy Minister of Foreign Affairs, Waleed Bin Abdulkarim Al-Khuraiji, made his comment during the 19th meeting of foreign ministers in the Asian Cooperation Dialogue (ACD) Forum, hosted by Iran. Speaking on behalf of Foreign Minister Prince Faisal Bin Farhan Bin Abdullah, he stressed “the importance of doubling joint efforts and deepening cooperation coordination to face the many challenges, most notably the rise in conflicts, and the increasing challenges of food security and energy security, among others,” reported the Saudi News Agency.
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Karim Elgendy: Climate Diplomacy in the Middle East
This forced rural to urban migration resulting from the drought—which anecdotally was the worst drought Syria had experienced in the last 800 years, according to some estimates by NASA—has done two things. One, it has obviously relocated 800,000 people into new areas where they have no jobs. They have no skills. There are no services for them, and they also lost all their wealth because 85 percent of all privately owned cattle reportedly died.
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New video and documents revive questions about Saudi role in 9/11 attacks
The video, which was unsealed in federal court last week, was a self-narrated video that shows Al-Bayoumi giving a tour of landmarks in Washington, DC. The video was shot over several days in 1999 and included footage of entrances, exits and security checkpoints in the U.S. Capitol.
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Saudi-backed Almar Water seeks lithium partnership in Chile, CEO says
Almar Water Solutions, part of Saudi Arabian group Abdul Latif Jameel, is looking to form a partnership with Chile's state mining giant Codelco in its planned Maricunga lithium mining project, Almar's chief executive said on Tuesday. The Spain-based firm, which focuses on water solutions for renewable energy production, wants to leverage its technology in the extraction of battery-metal lithium, a water-intensive process, CEO Carlos Cosin told Reuters.
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The Gwadar-Chabahar Standoff
The involvement of two global powers in projects situated within a proximity of just over 100 miles presents a notable geopolitical dynamic: the Gwadar port in Pakistan, spearheaded by China, and the Chabahar port in Iran, backed by India. The question arises: Will the enduring rivalries between India and China extend to these strategically significant ports?
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At Least 11 Americans Among Those Dead in Hajj Pilgrimage to Saudi Arabia
The couple were among the more than 1,300 people who died while making the annual pilgrimage to the holy city of Mecca, as temperatures reached 120 degrees at times. The Saudi government said that the vast majority of them did not have permits.
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Saudi’s Arabian Mills plans to list 30 percent stake in IPO
Saudi Arabia’s Arabian Mills for Food Products is planning to list 15.4 million shares, equal to a 30 percent stake, on its local bourse, according to a statement by the Saudi Capital Markets Authority (CMA). The CMA has approved Arabian Mills’ public listing application, and the company will publish the IPO prospectus “within sufficient time prior to the start of the subscription period.” However, the CMA did not provide a timeline for the listing.
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Saudi Arabia launches ‘unprecedented’ geographical survey of renewable energy sites
Part of the National Renewable Energy Program, the ambitious project will identify the best sites to develop renewable energy projects throughout the country. Contracted companies will install 1,200 stations across all regions of the kingdom to measure solar and wind energy. Beginning this year, Saudi Arabia will tender new renewable energy projects with a capacity of 20 GW annually.
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