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Security Tight as Millions Perform Hajj in Saudi Arabia; Eid al-Adha Begins Today
Saudi Arabia has invested heavily in added safety and security measures as the Kingdom hosts this year’s estimated 1.85 million Hajj pilgrims. Photos from the official Saudi Press Agency (SPA) show Saudi civil defense forces and medical personnel on standby ready to ensure a safe and peaceful Hajj. Temperatures throughout the week topped 100°F (28°C), making […]
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Saudi, Russia Sign Oil Cooperation Agreement
Saudi Arabia and Russia signed an agreement on Monday to cooperate in world oil markets – but the cooperation does not include an immediate cut in production that some other oil producing nations want. The agreement was struck between top Saudi and Russian officials currently at the G20 summit in the Chinese city of Hangzhou. Saudi Energy Minister […]
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Deputy Crown Prince Mohammed bin Salman Arrives in China, Meets with Top Chinese Officials to Discuss ‘Vision 2030’
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman and a delegation including top ministers and other officials are in China this week for talks aimed at pushing the Kingdom’s Vision 2030 broad economic reforms. The visit to global economic powerhouse China, like the Deputy Crown Prince’s visit to the United States in June, hopes to “showcase […]
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Coca-Cola Becomes Official Sponsor of Saudi Arabian Football Federation
Coca-Cola has become the official sponsor of the Saudi Arabian Football Federation (SAFF). SAFF is Saudi Arabia’s football governing body and it administers all Saudi club competitions as well as the development of the Saudi national team. The agreement with Coca-Cola includes full support of the Saudi national team as well as the three main […]
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$20 Billion Dow-Saudi Aramco Venture Takes Another Step
Sadara, a joint-venture between Dow Chemical Company and Saudi Aramco has started its mixed feed cracker, the only one of its kind in the Middle East and one of 26 manufacturing units that will be part of the Sadara chemical complex. Located in Jubail Industrial City along the Gulf coast of Saudi Arabia, Sadara was […]
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In 2016, Saudi Restrictions Removed for U.S. Meat Exporters
2016 has been a good year for U.S. farmers and food producers looking to expand into the Saudi market as the Kingdom has relaxed previously established restrictions on both poultry and beef imports from the United States. In July, Saudi Arabia lifted a lengthy four-year ban on US beef imports that followed a scare over […]
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Ministry of Labor Moves to Implement Saudisation of all Telecom Shops
The Saudi Ministry of Labor and Social Development continues to move aggressively to implement its goal to Saudize the telecom sector – specifically workers in mobile telephone shops – by September 2, 2016. Minister Mofrej Al-Haqbani had previously stated that, “We have no intention of postponing the implementation of the decision or extending the grace […]
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As Civilian Casualties Grow in Yemen, Capitol Hill Questions U.S.-Saudi Arms Deals
As casualties mount in the Saudi-led war in Yemen to reinstate the legitimate U.N.-recognized Hadi government, some U.S. lawmakers are considering whether to block the sale of additional arms to Saudi Arabia. It is not known if the potential block has significant backing on Capitol Hill, and criticism of past arms sales to Saudi Arabia […]
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Saudi Capital Market Authority Eases Guidelines for Qualified Foreign Investors
Saudi Arabia’s Capital Market Authority (CMA) Board has approved changes to rules that regulate what type of foreign investor can enter into the Saudi stock market. The changes include 24 Articles that address procedures, requirements, and conditions for the registration of qualified foreign investors (QFIs) with the CMA to invest in listed securities in the Saudi […]
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Is Saudi Arabia’s Economy Turning the Corner?
Saudi Arabia’s non-oil private sector may be showing signs of stabilization after roughly two years of uncertainty and significant economic policy changes, according to new data. A recently published Saudi Arabia PMI by Emirates NBD shows growth in Saudi Arabia’s non-oil private sector accelerated to an eight-month high in July. “July’s survey is encouraging as it suggests […]
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Saudi Arabia’s non-oil business activity growth steady in April
Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output.
The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in April, the same as March, and well above the 50.0 mark denoting expansion in activity.
The Output subindex retreated slightly to 61.9 in April from a six month high of 62.2 the previous month, but continued to reflect strong demand conditions, with Wholesale & Retail registering the strongest expansion in output.
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Saudi PMI stabilizes at 57 points in April, business activity up sharply
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, kept unchanged at 57 points in April 2024.
The non-oil private sector saw a strong operational improvement in April.
Meanwhile, business activity hit sharply at the beginning of the second quarter, according to sub-sector data, the wholesale and retail businesses witnessed the strongest expansion in output.
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30% of cars sold in Saudi Arabia bought by women last year
Japan, South Korea and the US stood out among the main suppliers of cars to Saudi Arabia over the past two years, according to the Saudi news agency SPA. Car sales in Saudi Arabia last year reached around 730,000, of which 30 per cent were bought by women, according to market observers.
Car sales are expected to surge to 870,000 this year.
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Saudi Arabia among top 20 global car markets
The Saudi car market has solidified its position as a leading automotive market, making it one of the top 20 car markets globally.
The market represents more than half of all car sales in the Gulf Cooperation Council (GCC) countries.
The Zakat, Tax and Customs Authority (ZATCA) recently announced that over 160,000 cars were imported into Saudi Arabia during the 2022-2023 period.
In 2023 alone, 93,199 cars were imported, while 66,870 cars were imported in 2022.
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Saudi Arabia’s fintech sector driving digital transformation
Saudi Arabia’s fintech sector has made significant strides as it nears its goal to become a regional financial hub, according to a report by Arthur D. Little.
In its latest study titled “Realizing Potential of Fintech in Kingdom of Saudi Arabia,” the international management consulting firm highlighted the rapid growth and innovation within the sector, spearheaded by initiatives such as Fintech Saudi.
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Decoding the Behavioral Patterns in Saudi Arabia from GASTAT’s Five-Year Household Energy Statistics Survey
This commentary presents the findings of the annual Energy Statistics Survey by the General Authority for Statistics (GASTAT), an ongoing initiative since 2017 that is now in its fifth iteration, which covers 2022. The survey encompasses hundreds of responses from 45,420 households and offers a comprehensive view of their electricity consumption, fuel usage, various energy utilization patterns, and methods for achieving energy efficiency, along with other aspects. The survey’s sample is designed to represent Saudi Arabia’s 13 administrative regions and is selected based on the General Population and Housing Census 2022 framework. The goal is to accurately reflect the diversity of households within these regions.
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Saudi Arabia Wins First World Camel Endurance Championship
The Kingdom of Saudi Arabia emerged victorious at the First World Camel Endurance Championship for men and women, held yesterday in AlUla.
The championship, co-organized by the International Camel Racing Federation and the Royal Commission for AlUla, witnessed fierce competition from jockeys representing 20 countries.
Saudi dominance was undeniable, with Saudi male jockeys securing the top three spots and winning trophies in both the first and second rounds. Adding to the Kingdom's triumph, a Saudi woman jockey took home first place in the women's category.
The grueling race tested the endurance of both camels and riders. It covered a total distance of 16 kilometers across two stages, each 8 kilometers long. The event offered a total prize pool exceeding SAR2 million.
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Saudi Arabia is planting 10 billion trees across the Kingdom
This ambitious project involves carefully planned afforestation initiatives across the Kingdom over many years. In 2022, 18 million trees had already been planted. By December 2023, this number had risen to 43.9 million trees and shrubs planted. This equates to 94,000 hectares of degraded land (equivalent to over 146,000 football fields) rehabilitated throughout the country. By 2030, over 600 million trees are expected to be planted – equating to 3.8m hectares of rehabilitated land. Tree planting will continue beyond 2030, to reach the 10 billion target.
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Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.
Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.
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Saudi Fintech Firm Rasan Plans to Sell 30% Stake in Riyadh IPO
Saudi Arabian fintech firm Rasan intends to sell a 30% stake in its Riyadh initial public offering, making it one of the first companies from the sector to go public in the kingdom.
Rasan and its investors will offer 22.7 million shares in the IPO, including 5.3 million new shares, according to a statement on Sunday. Bookbuilding for institutional investors will run from May 12 through May 16, while retail investors will be able to bid from May 29 to May 30.
