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New Accounting Standards Cost Saudi $1.3b, but Feared Accountant Shortage Avoided
Writing in Forbes, contributor Dominic Dudley notes that Saudi Arabia’s January 2017 switch to new accounting standards did not cause chaos in the Kingdom’s affected listed companies as feared, but it did cost some companies a pretty penny. Saudi Arabia’s switch from accountancy standards set by the Saudi Organization for Certified Public Accountants (SOCPA) to International Financial Reporting […]
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Moody’s Says Saudi Fiscal Position is Strong, Eyes Oil Dependency as Key Credit Challenge
Bond credit rating agency Moody’s Investors Service said Saudi Arabia’s fiscal position remains strong at the A1 rating level, but said that reducing the Kingdom’s high oil dependency is the key credit challenge the country faces. Moody’s said that while the government has announced ambitious and comprehensive reform plans with its Vision 2030 and National Transformation Plan, […]
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U.S. Federal Judge Urges Consolidation of 9/11 Lawsuits Against Saudi Arabia
A U.S. Federal Judge hoped to see consolidation among lawsuits filed by victims of the 9/11 terrorist attacks against Saudi Arabia that “largely allege the same facts” as the fallout from the Justice Against Sponsors of Terrorism Act (JASTA) continues. According to the Associated Press, Magistrate Sarah Netburn presided over a hearing that brought together dozens […]
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Saudi King Salman Returns Home from Asia Tour, Deputy Crown Prince Mohammed Departs United States
Saudi Arabia’s King Salman returned home from a month-long trip to several Asian nations this weekend as Deputy Crown Prince and Minister of Defense Mohammed bin Salman, left the United States. King Salman arrived in Riyadh on Saturday after a successful visit to China, where the Kingdom signed up to $65 billion in trade deals […]
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Deputy Crown Prince Mohammed bin Salman Meets Secretary Mattis at the Pentagon; Pledges Cooperation in Fight Against Daesh
Secretary of Defense Jim Mattis met with Saudi Deputy Crown Prince and Minister of Defense Mohammed bin Salman at the Pentagon yesterday following the Prince’s meeting with President Trump at the White House on Tuesday. “Secretary Mattis and the deputy crown prince affirmed the importance of the U.S.-Saudi Arabia defense relationship, and discussed the security environment in […]
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The Not-So ‘Vanishing Prince’: Saudi Crown Prince Mohammed bin Naif’s Busy Public Schedule and the Dangers of Saudi Kremlinology
‘Kremlinology’ originally applied to the attempt by outsiders to understand Russia’s political inner-workings. It can also describe any attempt to understand a secretive organization or process, and the Saudi royal family certainly fits this bill. Conclusions about the inner-workings of Saudi Arabia’s government and royal family based solely on appearance, rumor or sources that may […]
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Trump Administration Taking ‘More Saudi-Friendly Approach to the Conflict in Yemen’
The U.S. State Department’s approval of a resumption of weapons sales to Saudi Arabia that would reverse a decision by President Obama is “a potential sign of reinvigorated U.S. support for the kingdom’s involvement in its neighbor’s ongoing civil war,” the Washington Post reports. President Trump must approve the reversal, which was ordered by Secretary of […]
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As Saudi Aramco Prepares IPO, Investors Speculate on Ultimate Value
Fund managers and institutional investors are split on the expected value of Saudi Aramco, with a majority saying the company will have a market capitalization of $1 trillion to $1.5 trillion when it sells shares to the public next year, Reuters reports, citing a survey of fund managers conducted by regional investment bank EFG Hermes. That […]
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King Salman Launches Month-Long Investment Tour in Asia
Saudi Arabia’s King Salman leaves Sunday for a month-long tour of key nations in Asia as the region grows in influence as an oil importer and potential investor in the Saudi economy. The King is expected to visit Malaysia, Indonesia, Japan and China. It is his first trip outside the Middle East and North Africa since […]
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Milestones in Saudi Arabia as Women are Appointed to Head the Kingdom’s Stock Exchange, Major Newspaper for the First Time
For the first time in Saudi Arabia, a woman will head up the Kingdom’s stock exchange and one of the country’s daily newspapers as incremental progress toward equality for women continues. The appointment of Sarah Al-Suhaimi to chair the Saudi stock exchange, or Tadawul, is in line with an ambitious economic and social reform program […]
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MUST-READS
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Saudi Arabia continues three-term school year, allocates 8-week summer vacation
The upcoming academic year will allocate 8 weeks for the summer vacation. The first term will begin on Sunday, August 18, 2024, the second term will begin on Sunday, November 17, 2024, and the third term will begin on Sunday, March 2, 2025, ending on Thursday, June 26, 2025. The vacations for the upcoming academic year include: National Day vacation, long weekends, autumn break, long weekends, mid-year break, Foundation Day break, winter break, Eid Al-Fitr break, and another long weekend, as well as Eid Al-Adha break.
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How Solar-Powered Desalination Allows Saudi Arabia To Produce Potable Water Sustainably
Each year, the Kingdom requires an average of 5.5 billion cubic meters of freshwater. The need for water is especially high during the Hajj and Umrah seasons, when well over a million pilgrims arrive from around the world. Home to more than 37 million people, the Kingdom is the world’s third-largest consumer of water per head of population. Agriculture alone accounts for around 84 percent of total water consumption.
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Egypt blames Hajj deaths on ‘unregistered’ Mecca arrivals
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The “Made in Saudi. Think in Saudi” belief
The most significant change I have observed within Saudi society is a remarkable surge in openness and acceptance of change. This is evident in their continuous quest for fresh perspectives and their willingness to adapt to novel concepts and ideas.
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Saudi Arabia eyes new areas of cooperation with Switzerland: Al-Jadaan
During his participation in the Fourth Saudi-Swiss Financial Dialogue in Zurich, Al-Jadaan stressed the importance of the dialogue, explaining that it contributes to strengthening bilateral ties between the two countries and achieving their common interests in various financial and economic sectors.
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Saudi Arabia’s economy seven years after Crown Prince Mohammed’s appointment
Crown Prince Mohammed bin Salman has pushed forward with an expansive fiscal policy since his appointment on June 21, 2017, helping to turn the Saudi Arabian economy into one of the fastest growing in the G20. The Crown Prince, who served as the chairman of the Council for Economic and Development Affairs, has helped spearhead groundbreaking moves such as the listing of Aramco, the world’s biggest oil producing company, and the launch of the futuristic city of Neom. The kingdom’s Council of Ministers tasked Ceda with identifying and monitoring the mechanisms and measures that are crucial for the delivery of the country's Vision 2030.
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Saudi Arabia’s and the UAE’s Quest for African Critical Minerals
Minerals such as copper, cobalt, lithium, and graphite are critical for manufacturing electric vehicle batteries and in renewable energy infrastructure. Investing in these resources paves the way for Saudi Arabia and the UAE to not only generate substantial returns but also become key actors in the clean energy sector. Such investments, however, have geopolitical implications for China, a major established player in this sector.
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Oil prices are up 10% in the last 2 weeks
Oil markets are heating up again. Crude futures have risen about 10% since June 4 for both the U.S.-benchmark West Texas Intermediate and global benchmark Brent varieties. The latest rally comes after a volatile year that’s seen prices rise as much as 20% before giving back almost all those gains. WTI crude is up 13% for the year, Brent is up 10.4%.
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US signals to Hezbollah it will back Israeli offensive, as frustration with Gaza ceasefire grows
The US has indicated it is open to backing an Israeli offensive against Hezbollah in Lebanon, amid mounting frustration that the group continues to link a truce with Israel to an elusive broader ceasefire in Gaza. In his meetings in Beirut on Tuesday, US envoy Amos Hochstein delivered "blunt" warnings to Lebanese officials that Israel is preparing to launch a limited offensive on Hezbollah and will have the US's support if a diplomatic solution isn't found, a senior Arab official told Middle East Eye. Hochstein met with Lebanese Prime Minister Najib Mikati and Speaker of Parliament Nabih Berri on Tuesday, both of whom the US has used as intermediaries with Hezbollah, the Iran-backed group the US designates a terrorist organisation.
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Phased development for world’s largest airport in Saudi Arabia
The airport is expected to cover 57 square kilometres and handle 120 million passengers per year, which would make it the largest in the world in terms of passenger numbers. It will be built on a brownfield site over the existing King Khalid International Airport. UK-based Mace has won the role of delivery partner on the project, while it is being designed by architecture company Foster + Partners.
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