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  • Government Payments to Top Companies Resume, Al-Assaf Says on Saudi TV
     

    Saudi Arabia has resumed payments of its debts to contractors after long delays that imperiled company finances and hurt investor sentiment, according to Bloomberg, which cited comments made by Saudi Finance Minister Ibrahim Al-Assaf on Saudi television. In the televised interview late on Wednesday, Al-Assaf said payments have been “regularized and will rise in the coming period.” […]

     
  • 72-Hour Ceasefire in Yemen Set for Wednesday Night
     

    The United Nations Special Envoy to Yemen announced a 72-hour cease-fire to begin Wednesday night, after he received commitments from all of the country’s warring factions, according to reports. Ismail Ould Cheikh Ahmed said the cessation of hostilities will begin at 8:59 p.m. UTC Wednesday and could be renewed after the initial three-day period. Twice […]

     
  • Despite Downturn, Half in New Poll Expect Saudi Economy to Improve
     

    With tough economic decisions at hand and the price of oil at a tipping point, where is the Saudi economy heading? In a recent poll conducted by Bayt.com and YouGov, 50% of respondents in Saudi Arabia expect business conditions to improve in one year, and 40% believe things will improve in the next six months. […]

     
  • Deadly Coalition Missile Attack on Funeral in Yemen Draws International Condemnation, Prompts U.S. Review of Support
     

    The ongoing conflict in Yemen was further inflamed this weekend after a missile attack on a funeral hall killed over 160 civilians, sparking outrage across the war-torn country. Yemeni officials and witnesses are blaming the Saudi-led coalition fighting in Yemen for the attack, which threatens to significantly alter the war’s course. The coalition initially denied […]

     
  • Video: Paramotoring in Saudi Arabia’s Qassim Desert
     

    A recently released report and video by Reuters highlights the start and growth of a “paramotoring” club in the Qassim Desert in Saudi Arabia as “a hobby, curiosity, a change.” Paramotoring, also referred to as powered paragliding, involves the use of a motor driving propeller that is worn on one’s back. The motor can be stopped and started in […]

     
  • Jadwa Investment Revises Saudi GDP Down to 1.1%
     

    The latest quarterly GDP update on the Saudi economy from Jadwa Investment finds year-on-year growth continued to slow for the fourth consecutive quarter, “mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.” However, in real terms, the Saudi economy was 1.4 percent larger in the second quarter […]

     
  • Top Saudi Investment Officials in New York for Two-Day JPMorgan Chase Event
     

    Saudi Capital Market Authority Chairman Mohammed Al-Jadaan and Tadawul stock exchange Chief Executive Officer Khalid Al Hussan are among officials attending a two-day event in New York City this week organized by JPMorgan Chase & Co., Bloomberg reports. According to Bloomberg, senior representatives of the kingdom’s economy ministry and central bank will also be present. The […]

     
  • Opposition to JASTA ‘Bubbles’ but Override Still Likely after White House Veto on Friday
     

    President Obama vetoed the Justice Against Sponsors of Terrorism Act (JASTA) on Friday, setting up an expected showdown with Congress over the controversial bill that would open up foreign nations to lawsuits in the United States. In a thoughtful letter to Congress attached to the veto, President Obama says that while he has deep sympathy […]

     
  • White House Lobbies Senate on JASTA, Works Toward 34 Votes to Prevent Veto Override
     

    Some Senate Democrats on Capitol Hill continue to consider their votes on the Justice Against Sponsors of Terrorism Act (JASTA) and, according to some reports, are “starting to show cracks in their support” of the legislation after efforts by the Obama administration to convey the risk of the bill’s potential international relations fallout.  JASTA, which would expand […]

     
  • Al-Jubeir in Wall Street Journal: ‘Iran Can’t Whitewash Its Record of Terror’
     

    Saudi Foreign Minister Adel Al-Jubeir blasted his Iranian counterpart in a new op-ed published by the Wall Street Journal, saying that Iran cannot “whitewash its record of terror.” “The fact is that Iran is the leading state-sponsor of terrorism, with government officials directly responsible for numerous terrorist attacks since 1979. These include suicide bombings of the U.S. […]

     

MUST-READS

  • Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

    Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Sawah has met in Washington with the US Secretary of Commerce, Gina Raimondo. Friday’s meeting was attended by Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the US. During the meeting, the two sides discussed strengthening the strategic partnership between the Kingdom and the US to support the growth of the digital economy in the region, as Saudi Arabia is a pivotal hub for technology and innovation.

  • Jeddah Season 2024 kicks off with spectacular activities

    The season includes numerous distinctive tourist and cultural activities. The City Walk area offers a mix of interactive experiences, motor and skill games, Arabic plays, restaurants, cafes, and shopping stores. Additionally, the Warner Bros. Discovery: Celebrate Every Story area, being held for the first time in Saudi Arabia, provides visitors and tourists with a variety of games and entertainment shows.

  • SEC boosts reliability with $266m Saudi interconnection project

    The Saudi Electricity Company (SEC) has announced the successful completion and operation of a new strategic electrical interconnection project between the central and southern regions, that passes through the main substations in Al Kharj, Al Aflaj, Wadi Al Dawasir and Bisha.

  • Euros form of Saudi-based stars tests perceptions of slide in standard

    France's N'Golo Kante had looked to be winding down his glittering career but his unexpected recall for Euro 2024 and eye-popping performances suggest his quality has not been diminished by his big-bucks move to Saudi Arabia last year. He is among several players in Germany challenging popular perceptions that the new Saudi Pro League is a career-ending option for big players seduced by huge salaries, with Kante dazzling on his return after a two-year absence and winning player of the match in his first two games.

  • Why Pakistan is looking to Saudi Arabia and the UAE to ramp up investment

    Pakistan’s less-than-four-month-old government is pursuing a two-track approach to stabilize the country’s long-troubled economy. It is engaged in lengthy negotiations with the International Monetary Fund (IMF) to secure at least $6 billion in loans to shore up its ability to service its external debt. At the same time, Islamabad is also trying to woo its Gulf allies, most notably Saudi Arabia and the United Arab Emirates, in a bid to diversify its sources of external financing, address the lingering threat of insolvency, and put its economy on an upward trajectory of sustainable growth.

  • Non-citizens now allowed to participate in ZATCA auctions

    The updates include improvements to the procedures for announcing public auctions through official channels and making all auction details available on the authority's website. This ensures greater transparency and allows bidders to participate according to clear and defined policies, saving time and effort for all stakeholders. Additionally, the updates allow both individuals and legal entities, including citizens and non-citizens, to participate in auctions. The updates also clarify the requirements and procedures related to auctions to enhance transparency and increase bidder compliance.

  • Saudi Arabia’s net foreign direct investment rises 5.6% in first quarter

    Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday. Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.
    The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.

  • Saudi Arabia’s unemployment rate down to 7.6% in Q1 2024

    The unemployment rate in Saudi Arabia fell to 7.6% in the first quarter of 2024, compared to 7.8% in the fourth quarter of 2023, according to the General Authority for Statistics’ (GASTAT) labor force survey. However, the employment-to-population ratio rose to 47.5% on a quarterly basis in Q1 2024. Saudi women’s employment also rose to 35.8% in the same period.

  • Hevolution Foundation is Leading Saudi’s Drive for Longevity

    “Hevolution isn't about longevity or living longer. It is about living healthier for as long as possible. And if we can compress the years we spend with illness and loss of function, that can have a significant impact on quality of life," Mehmood Khan, CEO of Hevolution Foundation tells Inc. Arabia.

  • Tech Industry Wants to Lock Up Nuclear Power for AI

    The owners of roughly a third of U.S. nuclear-power plants are in talks with tech companies to provide electricity to new data centers needed to meet the demands of an artificial-intelligence boom. Among them, Amazon Web Services is nearing a deal for electricity supplied directly from a nuclear plant on the East Coast with Constellation Energy CEG -2.20%decrease; red down pointing triangle, the largest owner of U.S. nuclear-power plants, according to people familiar with the matter. In a separate deal in March, the Amazon.com AMZN -2.32%decrease; red down pointing triangle subsidiary purchased a nuclear-powered data center in Pennsylvania for $650 million.