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  • Saudi Arabia expects larger budget deficits on Vision 2030 spending boost

    Saudi Arabia expects its budget deficit to widen this year and next as the Arab world's largest economy boosts spending to finance its economic diversification agenda under the Vision 2030 plan.   The kingdom's deficit will reach 118 billion Saudi riyals ($31.46 billion) or 2.9 per cent of its gross domestic product this year, with revenue at about 1.24 trillion riyals and expenditure of about 1.36 trillion riyals, the finance ministry said on Monday.  Riyadh has revised its 2024 budget deficit projection higher from the earlier projection of 1.9 per cent as it continues to pursue its expansionary economic policy.

  • Saudi Asset Management Industry Poised for Growth; Islamic Funds Dominating

    The Saudi Arabian asset management industry (AMI) is poised for growth in 2H24–2025, following regulatory reforms, expanding equity and debt capital markets, and increasing numbers of high-net-worth individuals seeking asset-management services, Fitch Ratings says. Assets under management (AUM) rose 13.5% yoy, exceeding USD250 billion at end-1H24. Saudi Arabia has the largest AMI in the GCC, the fifth-largest in the OIC, and the second-largest public Islamic funds market globally. As the AMI matures, it could attract funds that were placed with offshore asset managers.

  • Saudi Arabian FDI stalls at $5.2 bln in second quarter despite reform drive

    Foreign direct investment (FDI) into Saudi Arabia stalled in the second quarter at around the same level as a year ago, government data showed on Monday, highlighting the kingdom's need for further reforms to meet its ambitious targets. Saudi Arabia drew 19.44 billion riyals ($5.18 billion) in FDI, which was little changed from 19.43 billion riyals in Q2 last year, the General Authority of Statistics data showed. Overall, Saudi Arabia recorded net FDI inflows of 11.7 billion riyals in the second quarter, down 7.5% from a year earlier.

  • Dim Outlook for Peace in the Middle East

    Nearly a year after Hamas attacked Israel, setting off the Israel-Hamas war, hopes for peace remain scarce. In Gallup surveys conducted in July and August of this year, few people in Israel or the West Bank and East Jerusalem think peace will ever be reached in the long-running conflict between Israel and Palestine. Two-thirds of people living in Israel (66%), and in the West Bank and East Jerusalem (68%), think a permanent peace will never be achieved.

  • US struggles to avoid wider war after Iran missile attack on Israel

    After days of escalating Israeli attacks on Iran-backed Hezbollah in Lebanon that killed Hezbollah leader Hassan Nasrallah and a day after Israel announced limited ground incursions into southern Lebanon, Iran today launched 180 ballistic missiles at Israel. The Biden administration said initial assessments indicated there had been very few, possibly no fatalities from the massive attack, which it nevertheless called a significant escalation.

  • Wrapping up mission, US troops will leave some longstanding bases in Iraq under new deal

    he U.S. announced an agreement with the Iraqi government Friday to wrap up the military mission in Iraq of an American-led coalition fighting the Islamic State group by next year, with U.S. troops departing some bases that they have long occupied during a two-decade-long military presence in the country.

  • Falconers Flock to the Northern Borders Deserts for the Hunting Season

    Al-Hammad area, located east of Arar, in the Northern Borders region, is a renowned stopover for migratory birds during the hunting season. This annual event, which begins in October, attracts falconers from all over Saudi Arabia and GCC countries. Known for its abundance of prized falcons, Al-Hammad desert draws enthusiasts from near and far. The area often sees high sales at falcon auctions, making it a popular destination for collectors.

  • Hezbollah Got Caught in Its Own Trap

    Hezbollah is entirely a creature of Tehran, unlike Hamas and the Houthis, which, though backed by Iran, were not founded under the Islamic Republic’s tutelage and have religious and political differences with it. Established in the immediate aftermath of the Israeli invasion of Lebanon in 1982 and developed during the 18-year occupation that ended in May 2000, Hezbollah was the first Iranian-controlled militia in the Arab world, providing a model that Tehran has successfully replicated in Iraq, Syria, and elsewhere.

  • Saudi oil may keep a lid on Middle East fallout

    Israel’s war in Gaza has certainly had savage economic consequences – year-on-year GDP in the Palestinian enclave fell 86%, opens new tab in January 2024, the World Bank says. But oil prices – the obvious way for the conflict to hit the global economy – have mostly hovered in the $70s and $80s a barrel region. Major hostilities on Israel’s northern border with Hezbollah were assumed to be the key reason to make them spike higher. The doomsday scenario would be for Iran to shut the Strait of Hormuz, through which a fifth of the global oil supply passes daily.

  • Saudi unemployment drops again in second quarter

    The unemployment rate for Saudi nationals fell to 7.1 percent in the second quarter of 2024, government data shows, down from 7.6 percent in the first quarter and 8.5 percent in the same period a year ago. The overall unemployment rate, which includes expatriate workers, dropped to 3.3 percent in Q2, down from 4.1 percent in 2023, according to the General Authority for Statistics’ latest labour force survey.