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  • Candor from High-Ranking Saudi Ministers on Economy Latest Example of Increased Transparency
     

    Several high-ranking officials and Ministers in Saudi Arabia discussed the state of the Kingdom’s economy on a popular television show last week, according to Bloomberg, in what amounted to “an unusual attempt by a government not known for transparency to promote its plan to cope with the plunge in oil prices.” “Saudis who switched on a […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia’s GEA unveils details for 5th edition of Riyadh Season

    Saudi Arabia’s General Entertainment Authority (GEA) on Wednesday announced the details of the fifth edition of Riyadh Season 2024, set to begin on October 12. GEA chairman Turki Alalshikh said that the new season will feature 14 entertainment zones, 11 global championships, as well as 10 festivals and exhibitions.

  • Delivery Hero plans IPO of Middle East unit, shares rise

    Delivery Hero (DHER.DE), opens new tab is preparing an initial public offering (IPO) of its lucrative Emirati subsidiary Talabat on the Dubai stock exchange, the German food delivery company said, boosting its shares on Thursday. Delivery Hero's shares opened 7% higher, but pared gains to trade up 3% at 0839 GMT. The shares have fallen around 85% from their January 2021 highs as investors shunned food delivery stocks after a pandemic frenzy.

  • Barq, a Saudi financial services start-up led by former STC Pay CEO Ahmed Alenazi, has officially launched to the public.

    Founded last year, the start-up offers a financial app that enables users to transfer money to more than 200 countries. The company claims to have already transferred over $133 million (SAR 500 million) within just three weeks of its debut.

  • The New Nazaha Law: More Prosecution Prospects in Saudi Arabia’s Fight Against Corruption

    Saudi Arabia’s Council of Ministers has enacted a stringent new law designed to tackle corruption among government employees. The Saudi Oversight and Anti-Corruption Authority (Nazaha) Law (the New Law), approved on 23 July 2024, mandates (amongst other penalties) the immediate dismissal of any government employee found guilty of corruption. The New Law was published in Umm Al-Qura, the Kingdom's official gazette, on 9 August 2024 and will take effect on 7 November 2024.

  • Exploring the 6 Saudi Arabia UNESCO World Heritage Sites

    Al-Hijr, also known as Madâin Sâlih, was the first UNESCO World Heritage Site in Saudi Arabia. It is a remarkable archaeological site that dates back to the Nabatean Kingdom in the 1st century AD. The site served as an important trade hub along the incense route and is adorned with well-preserved monumental tombs, cave inscriptions, and rock-cut facades.

  • Saudi-Portuguese economic cooperation gathers steam with creation of Business Council

    The Council Chairman Al-Baltan said that the formation of the council represents a new stage in the path of economic relations between Saudi Arabia and Portugal so as to enable the business sectors to benefit from promising investment opportunities in the two countries as well as to enhance trade and investment partnerships between the two sides.

  • Saudi trade surplus surpasses $26.13bln in 2Q 2024

    Saudi Arabia’s trade balance recorded a surplus of SR98.36 billion in the second quarter of 2024, reaching its highest level during the current year. This represents a quarterly growth of 13.2 percent, with an increase of SR11.495 billion compared to a surplus of SR86.873 billion in the first quarter of the year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT).

  • White House insists Israel-Saudi normalization still possible before US election

    “President Biden absolutely believes normalization between Israel and Saudi Arabia is possible, and he believes that it’s certainly possible to get it done before the end of his time as president,” says National Security Council spokesperson John Kirby in an interview with The Times of Israel. “He recognizes that there’s a lot of spade work that needs to be done before you can get there, [but] that’s why we’re in Doha right now trying to get this ceasefire in place so that we can start to make some progress on larger regional issues,” Kirby explains.

  • Turkiye and Saudi Arabia forge defence technology partnership

    The cooperation encompasses a broad range of defence sectors, including unmanned aerial vehicles (UAVs), missile systems, electronic warfare and advanced software systems. Turkish defence firms, renowned for their cutting-edge innovations, are expected to play a crucial role in the modernisation of Saudi Arabia’s defence industry. This partnership not only allows Saudi Arabia to acquire sophisticated military technologies but also to develop its indigenous production capabilities through joint ventures and collaborative research initiatives.

  • Mastercard and Saudia Partner to Empower Women Entrepreneurs in Saudi Arabia with ‘Her Voice’

    This season, Mastercard and Saudia will be putting inspiration into action by partnering with Blossom Accelerator, Saudi Arabia's first tech-inclusion and female-focused accelerator, to host three workshops — in Jeddah, Riyadh, and Khobar — providing budding female entrepreneurs, aspiring leaders, and small business owners access to all-important learning and networking opportunities.